Animoca Brands Partners with Saudi Arabia's Neom Project to Advance Crypto Adoption in Gulf Region

31/10/2023 01:15

According to Decrypt, Animoca Brands, a leading blockchain gaming and metaverse investment company, has announced a strategic alliance and investment deal with Neom, the large-scale Saudi Arabian urban development project. The partnership aims to advance the adoption of crypto technology in the Gulf region. The companies have signed a memorandum of understanding to collaborate on digital infrastructure projects that will support Neom's Vision 2030 goals and establish a hub to grow the local blockchain ecosystem. Neom first announced an investment in Animoca Brands last week, but did not confirm details at the time.Neom's investment arm will also invest $50 million into Animoca Brands, pending finalization of agreements. Neom will spend $25 million on convertible notes direct from the firm and another $25 million buying up Animoca shares on the secondary market. Majid Mufti, CEO of Neom Investment Fund, expressed excitement about partnering with Animoca Brands to support the development of Neom's digital infrastructure. He believes that Web3 technology and infrastructure development will not only be an important foundation of Neom's tech stack and architecture but also has the potential to revolutionize global industries.Animoca Brands will advise Neom on building blockchain-based services that can enable new models for living and working in the planned 34,000 square mile development in northern Saudi Arabia. Their collaboration will include various Web3 and metaverse projects tailored to Neom's futuristic vision. Neom is a planned urban metropolis in the Tabuk Province of Saudi Arabia, and it's planned to embrace emerging technologies in pursuit of a futuristic, green energy-powered city. The project is expected to cost $500 billion in total, however it has faced criticism and scrutiny over the alleged forced eviction of local tribe members. Animoca Brands is one of the most prominent blockchain game publishers and metaverse investors, with a valuation of $5.9 billion as of last year.

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Animoca Brands Partners with Saudi Arabia's Neom Project to Advance Crypto Adoption in Gulf Region

More news about العملات المشفرة في نيوم

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