Animoca Invested $30 Million In hi Network’s Customized NFT Debit Cards
A recent report revealed that Animoca Brands had invested a whopping $30 Million to support the project inverted by hi network and Mastercard, which allows users to design their physical cards with their favorite NFT avatar.
According to the report, the hi network and Mastercard collaborated to create a project that allows crypto enthusiasts to personalize their debit cards by designing them with any NFT avatar they possess.
Furthermore, the chief executive director of Animoca brands, Yat Siu, reportedly took an interest in the project after optimistically recognizing the potential of the Web3-inspired innovation and decided to invest a whopping $30 million into the project coordinated by the hi network, a neo bank platform.
In addition, Siu stated that his investment company is aiming to financially support hi network, a Web3 project that solidly facilitates the development of NFT-customizable crypto debit cards, offers digital banking services and serves as a crypto assets custodian all within its developing community.
The director continued that the vision of the hi network project for its Non-fungible token-based debit cards is in alignment with the views he has on the interplay of Web3 and culture.
For context, the Flagship Mastercard debit card designed by the hi network was reportedly created to enable cryptocurrency enthusiasts to personalize the looks of their physical cards using the NFT they have.
Yat Siu SharesThe Same Web3 Vision With The hi Protocol
Yat Siu opined that the shift to personalization that underlies the project is vital as it empowers and encourages consumers to express individual creativity in an innovative form resting on the potential of Web3 technology. He added that the newly formed partnership is essential as it would facilitate the utility of different non-fungible tokens and Web3-based tokens.
The hi network integrates its hi protocol ( EVM-compatible sidechain) with Web3-based financial apps. In addition, the hi protocol uses a proof of human identity consensus, and with it, the partnership plans to facilitate a unique-human identification model.
Sean Rac, the co-founder of hi network, revealed that the firm’s integrated approach has the potential to solve the problems that plagued the Web2 era, which allowed a small number of firms to dominate and control user identity and data as basic credential providers.
In addition, the hi protocol uses a two-way node model with validators verifying the identity of accounts that humans run and separating it from those run by AIs while block engineers protect the platform. This strategy could facilitate the development of human-only platforms and decentralized apps.
Furthermore, the partnership between Animoca and the hi network would allow users to receive and send the token issued by the Animoca Web3 platform alongside Apecoin (APE) and Sandbox (SAND) tokens. Currently, the Web3 app is recording massive growth as it already welcomed more than 3.5 million customers.
Hi Protocol And Animocal Brand To Start Operations In Asia
According to the report, the hi protocol will enable customers to authorize payments globally using a debit card for crypto or traditional currency with the aid of Mastercard’s expansive connections to over 90 million merchants globally.
More so, like other neobanks such as N26 and Revolut, hi protocol aims to explore the Web3 space. And speculators believed that hi’s keen interest in the Web3 is likely to entice enthusiasts and proponents such as NFTs holders who are looking for ways to showcase their high-valued NFT collection on their debut card.
Yat Siu thinks that his investment in the hi protocol can drive new users to the Web3 space and improve the adoption of projects created by his brand, like the Sandbox.
As a licensed digital asset service provider in Lithuania, hi protocol is legally recognized by the Italian payment services authorities as a virtual currency operator, according to the report.
In addition, the neobank is also striving to establish its operations in Asia as it recently applied for an operational license from the Securities and Futures Commission in Hong Kong.
Meanwhile, Animoca still has a strong interest in web3 projects and blockchain-powered games, as revealed in its pursuit of a $1 billion metaverse grant from the Hong Kong administration. Furthermore, the firm continues to invest heavily in Web3 startups in the Asian region.
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