Animoca Brands denies claim it cut its Metaverse Fund target by 20% to $800M

As Cointelegraph reported, Animoca Brands has denied claims that it has lowered its Metaverse Fund fundraising target by 20% to $800 million amid crypto market turmoil and banking industry instability, as well as claims that its valuation has changed from 2022 to 2022. The US$6 billion in July 2023 plummeted to about US$2 billion in March 2023. Yat Siu, co-founder of Animoca Brands, pointed out in an interview with Cointelegraph that there is no doubt that FTX and the banking crisis have had a severe impact on the available venture capital, but the fundraising of the Animoca Capital fund is in progress and the market will be informed properly after the financing is closed. details, including the final size of the fund. Foresight News previously reported that Reuters quoted people familiar with the matter as reporting that Animoca Brands has lowered the fundraising target of its metaverse fund, Animoca Capital, to $800 million. Animoca Brands co-founder and CEO Yat Siu announced the fund in November 2022 with an initial fundraising target of $2 billion, which was lowered to $1 billion in January 2023.