The leading blockchain gaming group, Animoca Brands Corporation Limited has partnered with NEOM Company to boost Web3 technology in line with Saudi Vision 2030.
In this collaboration, NEOM Investment Fund will invest $50 million in Animoca Brands, with $25 million through convertible notes and $25 million in the purchase of company shares.
The aim is to enhance Web3 enterprise services with global use and support technology advancements in Riyadh and NEOM. This includes creating a hub in NEOM for the local Web3 community and tapping into Animoca Brands’ expertise and investments.
Majid Mufti, CEO of NEOM Investment Fund, stated “We are excited to partner with Animoca Brands to support the development of NEOM’s digital infrastructure. Web3 technology and infrastructure development will not only be an important foundation of NEOM’s tech stack and architecture, but also has potential to revolutionize global industries.”
This collaboration signifies a big step in advancing Web3 technology, aligning with Saudi Vision 2030, and positioning NEOM at the forefront of Web3 development.