Animoca Brands Corporation Ltd has committed to invest US$30 million in hi, the Web3 financial super app and ecosystem, to accelerate Web3 mass adoption.
The investment is part of a new strategic partnership between Animoca, the company operating the non-fungible token (NFT) game The Sandbox, and the Hong Kong-based cryptocurrency exchange start-up.
The partnership is expected to integrate Animoca's ecosystem with hi's services, which combines crypto exchange and mobile banking, and reward hi users with Animoca tokens such as Sand based on their spending.
hi’s namesake app facilitates cryptocurrency trading and allows users to sign up for a Mastercard (NYSE:MA) debit card that lets them make payments in cryptocurrencies.
Together, the companies plan to provide developers with a Proof of Human Identity (PoHI) solution to ensure a unique-human authentication mechanism, among other initiatives.
Driving development
“We are looking forward to investing in and partnering with hi, which is committed to bridging the gap between the fiat and cryptocurrency worlds,” Animoca Brands co-founder and executive chairman Yat Siu said.
“As part of this partnership, we will collaborate with hi on its continued development of the hi app and the hi protocol to drive positive impact for the broader Web3 ecosystem.”
hi co-founder Sean Rach added: "hi is proud to work closely with Animoca Brands, especially given its experience in backing some of the earliest and most prominent Web3 companies.
“By teaming up with Animoca Brands, we will be able to boost the adoption of hi products and services, helping to drive mass adoption for blockchain technology."
About hi
hi is aiming to build the world’s most user-friendly and functional app for crypto and fiat.
Combining the functionality of a crypto exchange with a next-generation digital banking platform, hi provides members with an all-in-one service for savings, investments, payments, and lifestyle benefits.
The company’s global platform now has nearly 3.5 million users in more than 190 markets, 1 million of whom have passed the “know-your-customer” checks, according to the company.
The hi app has been downloaded more than 2 million times.