NEOM Saudi Arabia injects $50 million into a company to develop Web3

Investments include the purchase of $25 million in Animoca shares and financing against $25 million in convertible bonds.

NEOM Saudi Arabia has entered into a strategic partnership with Animoca Brands, a company specializing in digital technology and blockchain, with NEOM’s investment fund pumping $50 million into the technology company by purchasing shares worth $25 million and financing against convertible bonds worth another $25 million. .

Animoca, which is classified among the fast-growing companies in the Asia-Pacific region, said that the goal of the partnership is to support the regional development of “Web 3” technology, which is based on block chain technology and which has promoted the emergence of the idea of decentralized management and the coding-based economy, according to a statement published by it. On its official website.