The digital property rights champion, Animoca Brands Corporation Limited, is set to redefine the future of the open metaverse. In a groundbreaking move, the company has solidified its commitment to bolstering Web3 in the Middle East, joining forces with NEOM Company under a Strategic Partnership Memorandum of Understanding. This monumental step aligns perfectly with the ambitious Saudi Vision 2030 plan, further driving the region’s technological advancement.
Major Financial Boost Through Convertible Notes Financing
As a testament to their shared vision and mutual trust, Animoca Brands and the NEOM Investment Fund have put pen to paper on a Convertible Notes Financing Term Sheet. This financial commitment sees the NEOM Investment Fund earmarking a whopping US$50 million for investment in Animoca Brands. Half of this sum, US$25 million, is slated for convertible notes issuance at a capped price of A$4.50 per share. Intriguingly, these terms mirror the strategic funding specifications detailed by Animoca Brands in their announcement from 8 September 2022. The other half, another US$25 million, will find its way into the secondary market to acquire the Company’s shares.
Building a Robust Web3 Ecosystem in the NEOM Region
The overarching goal of this partnership is clear: the creation of an all-encompassing Web3 enterprise service ecosystem with universal commercial potential. Animoca Brands is gearing up to leverage its vast expertise to bring forth technological leaps in both Riyadh and the wider NEOM area. Notably, one of the focal projects under this partnership will be the establishment of a Web3 hub in NEOM. This hub is poised to galvanize the local Web3 community and will serve as a conduit for the vast knowledge and resources from Animoca Brands, its associated entities, partners, and its expansive investment portfolio.
A Word from the Leaders
Majid Mufti, the driving force behind the NEOM Investment Fund as its CEO, expressed his enthusiasm, remarking, “Joining hands with Animoca Brands accelerates the evolution of NEOM’s digital foundation. The revolutionary potential of Web3 cannot be understated, and with Animoca Brands by our side, we’re poised to reshape industries on a global scale.”
Echoing this sentiment, Yat Siu, the visionary co-founder and executive chairman of Animoca Brands, shared, “This alliance with NEOM, a trailblazer in innovation, amplifies our mission to champion the growth of the Web3 world. We see this new era as the birth of a meta-nation, and with NEOM’s collaboration, blockchain’s true power will shine.”
Final Notes
It’s crucial to mention that the finalization of documents for Convertible Notes Financing is contingent on several preceding conditions being met.
Source: https://blockchainreporter.net/animoca-brands-and-neom-company-seal-strategic-partnership-for-web3-expansion/