Animoca Plans $5M Equity Swap with Futureverse Platform

Animoca Brands enters an MOU for a strategic partnership with Futureverse Platform.

Shiba inu is on a floating island feeling playful.
Created by Kornelija Poderskytė from DailyCoin
  • Animoca Brands has announced a new partnership.
  • The partnership will involve an equity swap.
  • The proposed transaction is subject to various conditions.

Animoca Brands announced Friday a strategic partnership with Futureverse, a New Zealand-based company focused on AI and metaverse technologies.

The two companies intend to leverage each other’s technologies to expand their horizons and fuel token ecosystem growth. At the heart of the partnership is a multimillion-dollar equity swap involving shares of each other.

The Partnership

According to a press release dated June 28, the companies have entered into a Memorandum of Understanding (MoU) for a partnership to enhance the reach and capabilities of Futureverse’s metaverse tech stack using Animoca’s blockchain-based solutions.

Sponsored

“Futureverse and Animoca Brands will work to grow the Futureverse Platform and its generative AI technology throughout Animoca Brands' extensive portfolio of investments in over 400 Web3 projects,” the statement read.

In addition to accelerating the growth of the Futureverse token ecosystem, which includes ROOT and ASTO tokens, the companies also intend to undertake an equity swap valued at $5 million under the partnership.

The proposed equity swap shall be executed on various terms, including Animoca Brands subscribing to Futureverse shares based on a $754M valuation “for the entire issued share capital of Futureverse.

“Futureverse shall subscribe for shares in Animoca Brands Corporation Limited at A$4.5 per share (indicatively resulting in the issue of 1,658,375 Animoca Brands shares assuming a A$:US$ exchange rate of $0.67),” the companies said.

Other prerequisites for the proposed transaction include entry into definitive agreements and board approval of both companies. Per the statement, the equity swap is expected to be completed “within the next 2 months.”  

Sponsored

Read about Animoca’s deal with TON:
TON x Animoca Deal Looks to Bring Web3 Gaming to Telegram

Stay updated on Nostra CEO’s resignation:
Nostra CEO Resigns 11 Days After NSTR Token Launch

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.