Animoca Brands invests $30 million in Hi, a crypto payments application.
Animoca Brands invests $30 million in Hi, a crypto payments application.
The Partnership Between hi and Animoca Brands Marks a New Chapter in the Blockchain Industry
Blockchain technology continues to reshape industries and revolutionize the way we transact and share information. In a recent development, Animoca Brands, a renowned metaverse gaming and venture capital giant, has made a substantial investment of $30 million into hi, a web3 payments application and protocol. This investment not only signifies the growing confidence in the blockchain industry but also highlights the increasing utility of non-fungible tokens (NFTs) across various platforms.
The collaboration between hi and Animoca Brands aims to create a “deep integration” between hi’s services and Animoca Brands’ vast network. At the core of this integration lies hi’s Web3 financial “super app” and its layer 2 Ethereum sidechain, hi Protocol. As a neobank, hi provides digital-only banking services that allow users to transact in both cryptocurrency and fiat. In fact, hi has already partnered with Mastercard to offer customized debit cards featuring NFT imagery.
With the funding from Animoca Brands, hi plans to further scale its application and prepare for the launch of its hi Protocol, which is compatible with the Ethereum Virtual Machine (EVM). As cryptocurrency usage expands, leveraging Animoca Brands’ network will enable hi to integrate its payments infrastructure into its portfolio companies and the broader Web3 ecosystem.
The impact of this partnership extends beyond financial transactions. By collaborating with Animoca Brands, hi gains access to millions of people through Animoca Brands’ partner and ecosystem companies. This not only provides utility for Animoca Brands’ tokens but also enables them to be spendable within hi’s expanding user base.
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Although hi’s user base is currently concentrated in Europe, the company has plans to expand into Asia, Latin America, and eventually the United States as regulatory clarity is established. This expansion will further fuel the adoption of hi’s services and the integration of blockchain technology into global financial systems.
One notable aspect of hi’s approach is its commitment to combatting fraud and ensuring a secure user experience. While some blockchain protocols allow bots to register addresses and conduct trades, hi is implementing a Proof of Human Identity (POHI) in its know-your-customer (KYC) process. This helps establish unique addresses for users, providing better security and preventing automated trading activities. By implementing the POHI system, hi aims to create a more reliable and trustworthy platform for its users.
Currently, hi boasts a user base of 3.5 million, with 1 million users who have undergone KYC verification. The implementation of the POHI system is expected to further increase the number of KYC’d users and contribute to hi’s overall growth.
The hi-Animoca Brands partnership also reignites discussions around the intersection of cryptocurrency and identity. Recently, the launch of Worldcoin, a project by OpenAI CEO Sam Altman, has sparked conversations about using iris scans for KYC verification. While innovative, such approaches have raised concerns over privacy, with notable figures like Ethereum founder Vitalik Buterin expressing reservations.
In conclusion, the partnership between hi and Animoca Brands signifies a new milestone in the blockchain industry. With hi’s Web3 financial services and the support of Animoca Brands’ expansive network, the integration of NFTs and advanced payment solutions into the Web3 ecosystem becomes more accessible and efficient. This collaboration not only highlights the growing utility of blockchain technology but also emphasizes the need for secure and trusted platforms like hi, which are committed to enhancing user experience and preventing fraud. As the blockchain industry continues to evolve, partnerships like this are instrumental in driving widespread adoption and transforming conventional financial systems into a decentralized and transparent future.
