Hong Kong Crypto Mogul Aims to Raise $1 Billion for Web3 Fund

Animoca Brands Corp. is looking to raise about $1 billion this quarter for its new Web3 and metaverse investment fund, sharply scaling back its ambitions during the current crypto industry meltdown.

Animoca Capital is in talks with potential investors and would use the money to support blockchain and metaverse startups, co-founder Yat Siu, who is also the chairman of Animoca Brands, said in a Twitter Spaces chat with Bloomberg in Hong Kong Thursday.

Yat Siu

Photographer: Bertha Wang/Bloomberg

The collapse of the FTX exchange in early November upended the crypto world, triggering bankruptcies and shutdowns among various industry players. Around a dozen of ...