Animoca Brands, a metaverse gaming and venture capital giant, has invested $30 million into Web3 payments application and protocol hi. The two companies have also formed a partnership to bring utility to non-fungible tokens (NFTs) across Animoca Brands’ portfolio companies and the Web3 ecosystem. “All of Animoca Brands’ partner companies and ecosystem companies have access to millions of users, so that’s an opportunity for us to provide our services there,” said hi co-founder Sean Rach. “For [Animoca Brands], they get utility for their tokens and the ability for them to be spendable.”
Hi operates as a neobank, or a digital-only application that provides banking services, allowing users to transact in crypto or fiat. In 2022, hi partnered with Mastercard to issue debit cards that can be customized with NFT imagery. Hi plans to use the funding to scale its app and gear up for the mainnet launch of its Ethereum Virtual Machine (EVM) compatible hi Protocol.
Hi currently has 3.5 million total users and 1 million KYC’d users, and aims to grow this number through its Proof of Human Identity (POHI) implementation. This is in contrast to Ethereum, where there are two types of addresses – generic user addresses for a smart contract or smart contract addresses. Hi’s POHI addresses will prove to be unique.
Hi’s user base is primarily in Europe, though they’re planning to expand into Asia, Latin America and eventually the U.S. – on the condition of regulatory clarity. The conversation around crypto and identity has resurfaced amid the launch of OpenAI CEO Sam Altman’s Worldcoin project.