Reuters: animocabrands reduces the target for its metaverse fund to $800 million
As covered by U.Today previously, in 2022, Animoca Brands was the second most active investor in crypto. Surpassed by Coinbase Ventures only, it managed to take part in 238 funding rounds of various stages.Animoca Brands is far from alone in its"bearish" processes in metaverse funding. In February 2023, Republic, the third largest equity crowdfunding platform in the USA, cancelled its $75 million metaverse fund.
This decision was made due to increased regulatory scrutiny and a recent SEC crackdown on cryptocurrency services. Also, metaverse and VR/AR tech plaform Engage decided to remove its stocks from Euronext Dublin Stock Exchange by April 19, 2023.
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