Animoca Brands has raised an additional $10 million for Mocaverse. The funding aims to fast-track Mocaverse’s development, focusing on interoperability and consumer crypto adoption. The latest funding round, announced by Animoca, includes investments from several major entities in the blockchain space, including OKX Ventures, CMCC Global, Hong Shan (formerly Sequoia China), Republic Crypto, Decima Fund, and Kingsway Capital.

This investment builds on the $31.88 million raised previously, further supporting Mocaverse’s goal of creating an interoperable metaverse with a utility token, MOCA Coin, valued at a fully diluted $1 billion. Investors in this round were offered a free-attaching warrant for MOCA Coin, a utility token that powers the Mocaverse ecosystem.

Animoca Brands Secures $10 Million for Mocaverse

What is Mocaverse?

Mocaverse aims to provide a comprehensive infrastructure to support web3’s decentralized vision, aligning with the ethos of interoperability. This includes creating systems for account management, identity verification, and reputation tracking. Yat Siu, executive chairman of Animoca Brands, emphasized the importance of decentralization, saying, “With Mocaverse and its Realm Network, we are bringing the web3 ethos of interoperability to life, driving decentralization and shared network effects across the broader web3 ecosystem.”

The raised funds will accelerate the development of Mocaverse’s core infrastructure. Key initiatives include the Realm SDK, a software development kit that enables partners to create reputation-based ecosystems compatible with all applications built on the Moca Network. This infrastructure provides an interoperable foundation for developers and users alike, making it possible to create and maintain cohesive digital identities across various metaverse applications.

Mocaverse Key Art

Scaling Consumer Crypto

Mocaverse’s mission is to bring crypto to a global audience, helping onboard millions of users into the web3 gaming space. Kenneth Shek, Mocaverse’s project lead, highlighted the goal of expanding consumer adoption: “Our mission is to get crypto in the hands of hundreds of millions of users, which requires onboarding the fan bases that appeal to individuals on a deeply personal level.”

Since its launch, Mocaverse has achieved significant growth, with over 1.79 million Moca IDs registered. These on-chain identities form the basis of a decentralized network that supports numerous web3 applications. More than 160 web3 activations have been launched in collaboration with major partners, including Pixels, Blocklords, Trust Wallet, and OKX Wallet, solidifying Mocaverse’s presence within the blockchain space.

Mocaverse NFTs

Partnerships for Mass Adoption

The investment will also fuel Mocaverse’s ongoing partnerships with major user base ecosystems. Recent collaborations include partnerships with Anime Foundation, MyAnimeList, and One Football, with the potential to reach 218 million active users. These partnerships introduce unique identity systems, such as Anime ID and Football ID, tailored to the specific interests of these communities.

Mocaverse has also established a partnership with the TON Foundation, which oversees The Open Network (TON). This collaboration opens the door to onboarding Telegram’s extensive user base, potentially integrating Mocaverse’s identity solutions with Telegram Messenger, which has over 900 million active users. By aligning with major platforms, Mocaverse aims to create a seamless onboarding process for a global audience, spanning various cultural and social interests such as casual gaming, sports, and intellectual property experiences.

Mocaverse x TON

Statements from Key Investors

The funding announcement was met with enthusiasm from key investors. Jeff Ren, partner at OKX Ventures, highlighted the importance of Mocaverse’s interoperable infrastructure for cultural economies, stating, “By creating an interoperable infrastructure layer for consumer apps, Mocaverse integrates various cultural economies and maximizes network effects.”

Martin Baumann, managing partner at CMCC Global, echoed this sentiment, noting Animoca’s pivotal role in consumer-focused blockchain applications. He emphasized that "CMCC Global sees Mocaverse as well-positioned to drive the next wave of blockchain adoption in consumer markets. CMCC Global’s commitment to Mocaverse marks its largest investment to date, underscoring the project’s potential for mass market appeal."

Decima Fund’s general partner, Ken Kitahara, expressed his support for Mocaverse’s innovative approach to social graphing and activity on the blockchain. He highlighted the potential for future collaboration and growth in Japan’s digital economy, where blockchain adoption is steadily growing.

Mocaverse Logo and Key Art

Final Thoughts

Animoca Brands is leveraging Simple Agreements for Future Equity (SAFEs) to secure additional funding. Each SAFE is set to convert to ordinary shares after six months, with the price per share determined by the AUD exchange rate at the time of settlement. Investors will also receive utility token warrants with a 30-month vesting period, allowing them to acquire MOCA Coins at a specified price.

As the project continues to evolve, Mocaverse aims to extend its reach through innovative partnerships and technological advancements. With a mission to foster a decentralized internet where digital identities are portable and secure, Animoca Brands positions Mocaverse as a key driver in the transition to web3. Through its ongoing efforts, Mocaverse continues to attract both high-profile partnerships and consumer attention, signaling its role in shaping the future of decentralized digital experiences.

Source: Animoca Brands