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Breaking Crypto News Flash: Animoca Brands denies the reduction of the fund
Animoca Brands denied reports that the meta-fund had been cut and that the fund's target had been lowered to less than $2 billion.
In an interview with Cointelegraph, Yat Siu, co-founder of Animoca Brands, said it was difficult to understand the source of the misinformation given the information provided by anonymous sources.
Animoca Brands, a venture capital firm and Web3 game developer, said the report that the fund, set at $1 billion in January, had been cut by another $200 million to $800 million was unfounded.
Animoca Brands sees no problem
Animoca Brands downplayed the discussion of the fund reduction from $6 billion to $2 billion, explaining that the news that the fund's target was reduced to $800 million was unfounded.
The news that Animoca Brands cut its fund target from $2 billion to $1 billion in January and then to $800 million was on the agenda the other day.
The fund, which announced in November that it would allocate capital to mid- to late-stage startups with a focus on metadata, did not come off the table. During the announcement, Animoca Brands co-founder Yi Xiao said the fund is targeting $1 billion to $2 billion, depending on how much money is raised.
Finally, in a statement to Cointelegraph, the organization argued that the reduction from $2 billion to $1 billion was unwarranted, and that $1 billion was the goal stated in the fund announcement.
