In a fresh gesture demonstrating the growing real-world relevance of cryptocurrencies and non-fungible tokens (NFTs), Lithuania-based Web3 neobank hi recently scored a $30 million infusion from prominent metaverse financier Animoca Brands. This substantial investment emanates as part of a strategic alliance aiming to escalate the use of NFTs and fungible tokens, a move heralded by both collaborators.
Animoca Brands’ primary objective through this partnership will be assisting hi in furthering concrete use cases for cryptocurrencies within its assortment of Web3 enterprises. According to an official declaration, the company will facilitate the advancement of hi’s resolve to furnish users with the capacity to directly transact and receive rewards with select tokens intrinsic to the Animoca Brands ecosystem, including SAND, EDU, APE, REVV, GMEE, among others.
Animoca Brands co-founder and executive chairman Yat Siu added to the announcement, underlining the neobank’s determination “to bridge the gap between the fiat and cryptocurrency worlds.” This sentiment was echoed by hi Co-founder Sean Rach, who interprets the collaboration as a potent move towards mainstream cryptocurrency acceptance.
The hi Protocol (hiP), powered by the native HI token currently traded on a few centralized exchanges like Bitfinex and MEXC, as well as various decentralized exchanges, forms the core of hi’s operations. It’s a scalable, EVM-compatible, Sybil-resistant layer-2 sidechain for Ethereum, boasting a modest market cap of less than $10 million.
In the wake of this recent partnership, the HI token witnessed a significant 45% leap during Thursday’s trade, although it subsequently relinquished some those gains.
On one hand, this collaboration points towards a growing maturity of the blockchain industry, as it seeks for increased real-world utility and eventually, mainstream acceptance. On the other hand, the volatile swings in token prices following such news also offer a stark reminder of the risks and uncertainty that remain persistently intertwined with the rewards of this evolving digital landscape.
Source: Cryptonews
