Animoca Brands and Hex Trust to offer financial services for GameFi

The operator of NFTNFT-games Animoca Brands and the custodian Hex Trust announced the creation of a joint venture with the aim of developing an institutional digital wallet and launching financial services for gamers.

Animoca Brands and @Hex_Trust have formed a joint venture to provide institutional digital asset wallets and financial services for online gamers. https://t.co/uj2d095Uwe#metaverse #NFTs #BlockchainGaming #GameFi #CryptoWallet

— Animoca Brands (@animocabrands) November 25, 2021

According to the press release, Hex Trust, licensed in Hong Kong and Singapore, will act as custodian and will launch financial services for players in the Animoca Brands ecosystem. The parties called this segment a “multibillion-dollar opportunity”.

“One of the most significant problems facing the blockchain gaming industry is the absence of online wallets that would allow convenient and secure storage of in-game crypto tokens, while also providing access to financial services,” the statement said.

According to the companies, the main growth driver for the GameFi segment is the opportunities provided by blockchain games — users fully control their in-game content and can benefit from owning it.

Animoca Brands owns The Sandbox platform, which in November raised $93 million in financing from SoftBank and other investors. Earlier, the company received almost $90 million from the Rothschild family’s fund, RIT Capital Partners, Huobi and others.

In August, Hex Trust became a partner of the Philippines’ largest bank UnionBank. Together they will launch a regulated custody service.

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