Temasek Holdings, the Singaporean state investor has joined a $100 million funding round for Animoca Brands, putting its money behind one of the blockchain gaming giants. While the crypto market has not been immune to the broader financial meltdown, Temasek’s move demonstrates that there is still confidence in the blockchain gaming space.
While being a period of downscaling for crypto companies, Animoca aims to take advantage of the situation by buying up stakes in major companies and digital tokens.
Once it has built up a strong enough portfolio, Yat Siu, Animoca’s Chairman, stated the desire to take the company public in the next few years. But this strategy depends on how ready the broader market is to accept it.
While Temasek itself does not directly invest in cryptocurrencies, its strategy has revolved around the underlying company and service providers. For example, the fund participated in a $200m funding round for Amber Group in February.