Popular blockchain gaming software company Animoca Brands has announced a $30 million investment in Hi, a crypto exchange startup based in Hong Kong. This collaboration is particularly significant as funding for cryptocurrency platforms has become increasingly scarce worldwide due to economic uncertainties and growing regulatory hurdles.

Hi has developed an innovative application that combines the functionalities of mobile banking and cryptocurrency exchanges. The platform enables users to trade their cryptocurrencies and utilize Mastercard debit cards to make purchases using Bitcoin. While most users will receive virtual cards, individuals residing in specific European countries will have the option to access physical cards as well.

Animoca Brands’ CEO Siu believes that Hi’s goal for its NFT debit aligns perfectly with his company’s vision of the evolving relationship between Web3 and culture. Hi’s Mastercard debit card allows holders to personalize their physical cards by including an NFT of their choice. Additionally, users can make payments using cryptocurrency or traditional fiat debit cards. The partnership will also facilitate the transfer and receipt of tokens within the Animoca ecosystem, including popular tokens like Apecoin and The Sandbox’s SAND, enhancing the platform’s accessibility and functionality.

Founded in 2021 by a group of creators, including former Crypto.com CMO Sean Rach, Hi views the investment from Animoca Brands as a crucial step in their partnership. It signifies mutual trust and a shared commitment to progress in the crypto space.

As of this month, cryptocurrency exchanges that wish to serve Hong Kong residents are required to obtain a license from the city’s Securities and Futures Commission. Exchanges that have a significant presence in the Hong Kong market were given a one-year window to comply with the new regulations or exit the market. Failure to comply may result in the forced closure of their operations.

Hi has successfully completed the necessary pre-registration exercises under the vigilant supervision of the SFC to obtain a license as a virtual asset trading platform. The company currently boasts a user base of over 3.5 million, with one million users already completing the “know your customer” verification process.

Amidst growing concerns and regulatory efforts in the crypto space, Animoca Brands’ $30 million investment in Hi demonstrates their confidence in the startup’s potential. The partnership aims to enhance the functionality and accessibility of the Hi platform while navigating the challenging regulatory landscape in Hong Kong. This collaboration signifies the ongoing progress in the Web3 ecosystem and the impact it can have on culture and technology.

Disclaimer: The information provided in this research report is for informational purposes only and should not be interpreted as financial or investment advice. The NFT and cryptocurrency market is highly volatile, and readers should conduct thorough research before making any investment decisions.