Hong Kong crypto mogul intends to raise $1 billion for Web.3 fund

Animoca Brands Corp. hopes to raise about $1 billion in Q1 2023 for its new investment fund Web.3 and the Metaverse, according to Bloomberg.

Animoca Capital is in talks with potential investors and will direct the money to support startups related to blockchain and the metaverse, Animoca Brands co-founder and chairman Yat Siu said.

In November, the head of Animoca told the Nikkei that the company plans to raise up to $2 billion for a new fund to be set up with former Morgan Stanley chief executive Homer Sun. However, the collapse of the FTX exchange in early November turned the world of cryptocurrencies upside down and Animoca revised plans.