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James Carter

May 12, 2023

Blockchain Gaming Firm Animoca Brands Holds Millions in Cash and Stablecoins

Animoca Brands has announced that the company is “financially strong” and will be able to carry on with business as usual. As of the 30th of April in 2023, the Hong Kong-based company claimed that its stablecoin reserve was equal to $194 million.

In addition to this, it holds digital assets worth $566 million, some of which are utility tokens for the “Sandbox NFT metaverse platform,” which is known as SAND.

Other token reserves that are not included in the balance and belong to its majority-owned Web 3 subsidiaries are now valued at $2.7 billion at this time.

Animoca Brands Financial Status From 2021 Q4 to 2022 Q1

Bookings and other earnings brought in a total of $148 million for Animoca Brands during the final three months of 2021, which ended on December 31.

The bookings were made up of sales of NFTs, which included secondary sales, token sales, and profits from activities that did not involve blockchain technology.

The gains or losses from investments and holdings of digital assets were accounted for under the “other incomes” category.

The venture capitalist firm reported a total of $573 million in bookings and other incomes for the first quarter of 2022, which concluded on April 30. This is an increase of $425 million over the previous quarter.

Additionally, the total value of the company’s 340 investments in its portfolio was $1.5 billion as of the first quarter of 2022.

During the same period of time, the company’s cash balance was comprised of $98 million, while its holdings in digital assets totaled $211 million. These digital assets included BTC, USDC, BUSD, ETH, and USDT.

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During the same time period, Animoca Brands held other digital asset holdings worth a total of $659 million. These holdings were tokens owned by third parties.

The company’s token, SAND, TOWER, QUIDD, REVV, GMEE, PRIMATE, and other digital assets were included in the company’s off-balance sheet digital asset reserve.

On the 30th of April 2022, the value of these tokens was around $4.2 billion.

Animoca Brands Positions For More Achievements In 2023

Animoca Brands Is Well-Positioned to Achieve Further Success In the year 2023, Animoca Brands made significant strides toward its goal of becoming a dominant brand in the gaming and metaverse industries.

The company is going to work with one of its subsidiaries, Notre Game, and a well-known martial arts group called ONE Championship to make a mobile game called ONE Fight Arena that will be powered by NFT.

Notably, player testing for the game will start in the 4th quarter of 2023, and it will be available everywhere in the first quarter of 2024.

A business partnership between Animoca Brands and STC Play was also announced on May 9, 2023. This agreement would allow Animoca Brands to publish video games via MENA’s multiple distribution channels, including STCs.

Additionally, another agreement with ALTAVA Group was revealed by the company on May 11th.

The company later revealed that it intended to release its audited financial statements for the years 2020 and 2022, as well as its financial performance for the first quarter of 2023.

A Brief On Animoca Brands

Gamification, blockchain technology, and digital entertainment are all areas in which Animoca Brands excels.

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The advancement of digital property rights inside an open metaverse will be the primary focus of its gamification efforts.

SAND tokens and REVV tokens are two examples of the company’s wares that are currently available.

It also publishes its own games under its own brand, such as The Sandbox, Crazy Defense Heroes, and Crazy Kings, and it has a large number of subsidiaries, one of which is called Notre Game.

Notably, the company’s foray into the crypto space was not a smooth journey for everyone involved.

Due to the company’s involvement in the digital asset market, it was decided to delist the gaming company from the Australian Stock Exchange (ASX) in March 2020.

The following year, however, in 2022, Animoca Brands was included on the list of “high growth companies in Asia-Pacific,” published by the Financial Times.

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