#Blockchain gaming firm #AnimocaBrands has formed a strategic partnership with Saudi Arabia's NEOM Investment Fund. The agreement may involve a multimillion-dollar deal, with #NEOM potentially investing up to $50 million in Animoca Brands. Of this, $25 million will be used to issue convertible notes at a conversion cap price of A$4.50 (about $2.85) per share, and the remaining $25 million will be used to buy Animoca's shares on the secondary market. As part of this partnership, Animoca Brands will develop web3 solutions with global commercial applicability, aiding technology advancements in Riyadh and the NEOM region. They will also establish a web3 hub in NEOM, a futuristic city being built in Saudi Arabia. This move aligns with NEOM's vision to harness the power of blockchain and integrate it into the development of the city.
#ape

Animoca Brands and NEOM join forces to advance Web3 initiatives, aligning with Saudi Vision 2030. A strategic partnership heralding a new digital era.

https://blockchainreporter.net/animoca-brands-and-neom-company-seal-strategic-partnership-for-web3-expansion/

#AnimocaBrands Receives $50 Million Investment From NEOM , #SaudiArabia .

To support its ambitions as a forward-thinking innovation cluster, Animoca will develop Web3 service capabilities with worldwide commercial application in partnership with #NEOM .

Under the plan, Animoca will build Web3 service capabilities with global commercial applications alongside NEOM to support its aspirations as a futuristic tech hub.

A prominent name in the Web3 investment sector over a number of years, Animoca was valued at $6 billion in July 2022 with Singapore's state investment fund Temasek among its backers. The firm was targeting a raise of $2 billion for its #metaverse fund the following November, however expectations were tamped significantly after the collapse of FTX, and Animoca reduced the target to $800 million in March 2023.

Animoca is now attracting investment from state-backed funds once again in what may be a sign of a turning tide in the Web3 venture capital sector amidst broader indications of the crypto winter thawing. #vaibhavAli

Josh Kriger , co-founder of nftlalive and #edgeofnft , at Block Vision by Nordek , talking about an exclusive forum right after Token2049 in Saudi Arabia called Outer Edge | Riyadh.

This can't-miss event takes place on April 23rd at The Garage in Riyadh and explores the impact of Web3 and AI on various sectors like smart cities, gaming, and finance.

Here's what awaits you:

Deep dives into cutting-edge topics,
Networking with key players from Saudi Arabia, the Middle East, and beyond Inspiring talks by prominent figures including Prince Faisal, Yat Siu of animoca brands , and industry leaders from NEOM and KACST

Apply for your invitation today at www.outeredge.live/riyadh-application.

#OuterEdgeRiyadh #Riyadh #TOKEN2049 #token2049dubai #Token2049week #Animoca #NEOM #KASCT

Islamic Coin's co-founder, Mohammed AlKaff AlHashmi, highlighted the #MENA region's prominent role in the global crypto economy. MENA ranks sixth globally, recording $389.8 billion on-chain value between July 2022 and June 2023.

AlHashmi discussed:
Global Web3 Hubs: Dubai, Hong Kong, and NYC compete, urging MENA to focus on a responsible Web3 ecosystem through agile regulations and niche markets.

Saudi Arabia's Rise: Saudi Arabia's initiatives, like Vision 2030 and #NEOM , strengthen its influence in MENA's Web3 market. A $50 million NEOM-Animoca Brands partnership aims at a Web3 innovation hub.

Flourishing Blockchain Industry: Collaborations between traditional institutions and blockchain ventures, CBDC exploration, and fintech partnerships drive blockchain adoption.

Crypto Landscape: MENA's crypto scene, with diverse regulations, sees UAE and Bahrain leading with dedicated regulators, strict AML laws, and fintech partnerships. Dubai becomes a crypto giant hotspot.

Future Trends: Anticipated trends include Sharia-compliant products, short-term financing, and integrating digital assets into gaming. The convergence of decentralization with AI and social media will shape MENA's 2024 crypto market.

Overall, MENA's blockchain growth stems from proactive regulations, international investment, collaborations, and a tech-savvy population.

Since the #HAQQNetwork blockchain is the brainchild of the #UAE crypto industry and is supported by the royal family, we can safely say that the project will fight for leadership in the Muslim web3 space

#CryptoNews

$MANTA $SUI $STORJ