{"id":41605,"date":"2023-07-28T10:05:42","date_gmt":"2023-07-28T14:05:42","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/web3-neobank-hi-secures-30-million-investment-from-animoca-brands-to-strengthen-nft-utility\/"},"modified":"2023-07-28T10:05:44","modified_gmt":"2023-07-28T14:05:44","slug":"web3-neobank-hi-secures-30-million-investment-from-animoca-brands-to-strengthen-nft-utility","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=41605","title":{"rendered":"Web3 Neobank ‘hi’ Secures $30 Million Investment from Animoca Brands to Strengthen NFT Utility"},"content":{"rendered":"
\n

The Lithuania-based Web3-focused neobank hi has secured a $30 million investment from the major metaverse investor Animoca Brands to strengthen the real-world utility of cryptocurrencies and non-fungible tokens (NFTs).<\/p>\n

The investment is part of a newly formed \u201cstrategic partnership\u201d between the two firms that involves collaboration on initiatives to \u201camplify the utility of fungible tokens and NFTs,\u201d an announcement from Animoca Brands from Thursday said.<\/p>\n

<\/oembed><\/figure>\n

Real-world use cases for crypto<\/h2>\n

In the announcement, Animoca Brands said it plans to help hi developing more real-world use cases for crypto within its own ecosystem of Web3 projects.<\/p>\n

\u201cAnimoca Brands will support hi\u2019s vision \u200b\u200bto deliver real-world use cases for cryptocurrencies and utility tokens, allowing users to directly spend and be rewarded with certain tokens used in the Animoca Brands ecosystem, including SAND, EDU, APE, REVV, GMEE, and others,\u201d the announcement said.<\/p>\n

The same idea was also mentioned in a comment by Animoca Brands co-founder and executive chairman Yat Siu, who noted that hi is \u201ccommitted to bridging the gap between the fiat and cryptocurrency worlds.\u201d<\/p>\n

Similarly, hi co-founder Sean Rach said he believes the new partnership will help drive crypto mass adoption.<\/p>\n

\u201cBy teaming up with Animoca Brands, we will be able to boost the adoption of\u00a0hi<\/strong>\u00a0products and services, helping to drive mass adoption for blockchain technology,\u201d Rach said.<\/p>\n

hi operates the hi Protocol (hiP), described by the company as a \u201cscalable, EVM compatible, Sybil-resistant layer-2 sidechain for Ethereum.\u201d<\/p>\n

The protocol is powered by the HI token, a governance token with a tiny market capitalization of less than $10 million that exists on Ethereum and BNB Chain.<\/p>\n

For now, the HI token trades on just a few centralized exchanges, including Bitfinex and MEXC, in addition to various decentralized exchanges (DEXs).<\/p>\n

The token jumped more than 45% on the news on Thursday, but has since given back some the gains.<\/p>\n<\/p><\/div>\n