Animoca Brands and hi sign an MOU

Animoca Brands, which is into furthering digital property rights for gaming and the metaverse, has inked a MOU with hi, a Web3 financial application and ecosystem. As per the terms and conditions agreed upon in the formed collaboration, Animoca Brands will be responsible for investing US$30 million in the coffers of hi. Both entities will bring their individual resources to the table and in maximizing the utility of fungible and non-fungible tokens in the Web3 arena. 

With the powering of the hi ecosystem, which is held together by the hi Protocol (hiP) and the hi App, the entities together will help in offering developers an absolutely individualistic human verification system via hiPs landmark Proof of Human Identity (PoHI) solution. Incidentally, the hi Protocol is an upgradable, EVM adaptable, Sybil-resistant Layer 2 sidechain for Ethereum, whereas the hi App is a new-age finance application for Web3.  

Animoca Brands will be responsible for backing hi in introducing real-time use cases in terms of cryptocurrencies and utility tokens. Through this, users will be in the position of spending and simultaneously being rewarded in the form of particular tokens within the Animoca Brands ecosystem. This includes names like SAND, EDU, APE, and many others. 

hi, which is credited to have accumulated more than 3.5 million users, out of which are 1 million KYC-ed ones, had delivered in 2022, the first ever debit card coming with NFT avatar customization. This had the backing of Mastercard. In the 3rd quarter of 2023, via the cards, the cardholders will be provided the option of being able to have personalized debit cards having an NFT avatar that will be owned by them. They will also have the option of spending their fiat and digital currencies at over 90 million places globally.  

According to the Co-Founder and Executive Chairman of Animoca Brands, Yat Siu, the collaboration will help in forming a link between the cryptocurrency and fiat arenas. As per the terms agreed upon, they will remain supporting the development of the hi App, as well as the hi Protocol, for the greater good of the Web3 ecosystem. 

Where the Co-Founder of hi, Sean Rach, is concerned, he is pleased to have the opportunity of joining Animoca Brands because of the company’s exposure in supporting the top brands related to Web3. In his opinion, hi will have the option of furthering the acceptance of hi products and services, which in turn will help in the mass acceptance of blockchain technology. 

hi is in the process of creating the latest activated application for crypto and fiat. By bringing together the capabilities of a crypto exchange and a new-age digital banking platform, hi offers its users services related to savings, investments, and payments, all under one roof. 

Animoca Brands, on the other hand, is a top company in the field of digital entertainment, blockchain, and gamification. The company is involved in the furthering of digital property rights and does its bit for setting up the open metaverse. Animoca Brands is into the publishing and development of an entire array of products and games like The Sandbox, Phantom Galaxies, and many others. 

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

Related Articles

Back to top button