Blockchain gaming company Animoca Brands has $194 million in cash and Stablecoins
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Animoca Brands has revealed that it is “financially strong” to continue operations.
The Hong Kong-based firm reported a stablecoin reserve of $194 million as of April 30, 2023.
It also sits on $566 million worth of liquid digital assets, including a tool for the “Sandbox NFT metaverse platform,” SAND.
Meanwhile, other off-balance sheet token reserves belonging to the majority-owned Web 3 subsidiaries are currently worth $2.7 billion.
Animoca Brands financial status From Q4 2021 to Q1 2022
In the last 3 months of 2021 ended December 31, Animoca brands had a total of $148 million in bookings and other revenue.
The orders consisted of NFT sales, including secondary sales, token sales and proceeds from non-blockchain activities.
Other income included gains or losses from holdings and investments in digital assets.
By the first quarter of 2022 ended April 30, the venture capitalist firm recorded $573 million in orders and other income, showing an increase of $425 million.
In Q1 2022, the firm’s 340 portfolio investments were also worth $1.5 billion.
The cash balance in the same time frame consisted of $98 million and $211 million in digital assets, including BTC, USDC, BUSD, ETH, and USDT.
Animoca Brands also had other holdings of digital assets consisting of 3rd party tokens worth $659 million in the same period.
Then, its off-balance digital asset reserve consisted of its token, SAND, TOWER, QUIDD, REVV, GMEE, PRIMATE, etc.
These tokens were worth approximately $4.2 billion on April 30, 2022.
Animoca marks positions for more achievements in 2023
Animoca Brands has continued to push its interest to become a top brand in gaming and the metaverse.
It advertised a partnership with one of its subsidiaries, Notre Game, and a well-known martial arts organization, ONE Championship, to create an NFT-powered mobile game, ONE Fight Arena.
In particular, the game’s player testing will start in the fourth quarter of 2023 and launch globally in the first quarter of 2024.
On May 9, 2023, Animoca Brands announced a commercial agreement with STC Play to publish video games in MENA’s many distribution channels, including STC.
11 May the company too announced a new partnership with ALTAVA Group.
The firm later announced plans to report its audited financial statements for 2020, 2022 and financial results for the first quarter of 2023.
Briefly about Animoca brands
Animoca Brands is a leader in gamification, blockchain and digital entertainment.
The focus of gamification is to promote digital property rights for the open metaverse.
Some of the products of the company include the SAND token and the REVV token.
It also has some original games including The Sandbox, Crazy Defense Heroes and Crazy Kings, with many subsidiaries including Notre Game.
In particular, the firm’s entry into the crypto space was not a pleasant ride.
The gaming company was delisted from the Australian Stock Exchange (ASX) in March 2020 to engage in the digital asset industry.
But one year later, in 2021, Animoca Brands made the Financial Times list of “high-growth companies in the Asia-Pacific”.
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