Animoca Brands’ co-founder and executive chairman, Yat Siu, is optimistic about the potential of personalized Web3-based services, as his firm allocates $30 million for the neobank platform, hi.
Siu’s investment firm plans to support a Web3 app that integrates a cryptocurrency exchange, digital banking services, and a customizable nonfungible token (NFT)-styled crypto debit card, all within its growing ecosystem.
Speaking exclusively to Cointelegraph, Siu explained that hi’s vision for its NFT debit card aligns with his views on the interplay of culture and Web3.
Hi’s flagship Mastercard debit card, designed for crypto enthusiasts, allows users to personalize their physical cards with an NFT avatar they own.
Siu believes this reflects the ongoing shift towards personalization, empowering users to express themselves and showcase their individuality in innovative ways using Web3 technology.
One crucial aspect of the partnership is the potential to enhance the utility of various Web3 tokens and NFTs.
The hi ecosystem incorporates Web3-integrated financial applications and its hi protocol, an Ethereum Virtual Machine-compatible sidechain.
Furthermore, the collaboration aims to promote a “unique-human authentication mechanism” through the hi protocol’s proof of human identity solution.
Hi co-founder Sean Rac explained that this approach addresses the drawbacks of the Web2 era, where a few dominant companies controlled user data and identity as primary credential providers.
The hi protocol utilizes a dual-node structure, with identity validators verifying accounts owned by humans, while block producers secure the network.
This setup could pave the way for “human-only” networks and decentralized applications.
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The partnership will enable users to send and receive Animoca Web3 ecosystem tokens, including The Sandbox (SAND) and ApeCoin (APE). With over 3.5 million users, the Web3 app is gaining popularity.
The hi card service will allow users to make payments worldwide using a fiat or crypto debit card, leveraging Mastercard’s extensive network of about 90 million merchants.
By focusing on Web3, hi aims to enter the space previously shaped by neobanks like Revolut and N26.
This emphasis on Web3 is likely to attract proponents and enthusiasts, even those seeking a debit card to showcase their prized NFTs like Bored Ape Yacht Club, Meebit, or Pudgy Penguin.
Siu believes that investing in hi will bring new users to Web3 and bolster the adoption of Animoca’s own brands, such as The Sandbox.
The neobank has obtained approval as a virtual asset service provider (VASP) in Lithuania and is recognized as a digital currency operator by Italy’s payments service regulator.
While hi is establishing its presence in Asia, it is currently in the pre-registration phase to obtain a VASP license from the Hong Kong Securities and Futures Commission.
Animoca’s focus on blockchain gaming and Web3 projects remains strong, as evidenced by their ongoing pursuit of a regulatory license in Hong Kong for their proposed $1 billion metaverse fund.
The company continues to invest significantly in these burgeoning areas.
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