The neobank hi, centered on Web3 and based in Lithuania, has successfully obtained a $30 million investment from prominent metaverse investor, Animoca Brands. This infusion of capital is aimed at bolstering the tangible utility of cryptocurrencies and non-fungible tokens (NFTs).
This financial commitment is a component of a fresh “strategic partnership” between the two entities. Their collaboration is set to focus on projects that heighten the practical use of both fungible tokens and NFTs, as stated in a recent announcement released by Animoca Brands on Thursday.
Real-world use cases for crypto
In their statement, Animoca Brands expressed its intention to aid hi in formulating more tangible applications for cryptocurrency within its extensive Web3 project ecosystem.
The announcement elaborated, “Animoca Brands is committed to supporting hi’s mission of creating practical applications for cryptocurrencies and utility tokens. This will empower users to spend directly and earn rewards using certain tokens that are part of the Animoca Brands universe, including tokens like SAND, EDU, APE, REVV, GMEE, among others.”
This sentiment was echoed by Yat Siu, the co-founder and executive chairman of Animoca Brands, who highlighted hi’s dedication to “bridging the divide between the conventional fiat currency system and the world of cryptocurrencies.”
On a similar note, Sean Rach, the co-founder of hi, expressed his confidence in the partnership, stating that he anticipates it will significantly fuel the widespread adoption of cryptocurrency.
“Through our collaboration with Animoca Brands, we are poised to amplify the uptake of hi’s offerings, thereby fostering a broader acceptance of blockchain technology,” stated Rach.
hi is responsible for the hi Protocol (hiP), which the company characterizes as a “scalable, EVM-compatible, Sybil-resistant layer-2 sidechain tailored for Ethereum.”
The engine behind this protocol is the HI token, a governance token with a modest market cap, currently below $10 million. This token is supported on both the Ethereum and BNB Chain platforms.
As of now, the HI token is available for trade on a limited number of centralized exchanges, including the likes of Bitfinex and MEXC, as well as several decentralized exchanges (DEXs).
Following the announcement on Thursday, the value of the token soared by over 45%. However, it has since receded, relinquishing a portion of its newfound gains.