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Hong Kong crypto game unicorn Animoca Brands pours US$30 million into crypto exchange start-up Hi amid Web3 winter

  • The investment forms part of a new strategic partnership between Animoca and Hi, an app that combines crypto exchange and mobile banking features
  • Hi recently launched a trading platform exclusively for Hong Kong, where authorities put forward some of the world’s most exacting crypto rules

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Animoca Brands is investing US$30 million into Hong Kong crypto start-up Hi. Photo: Shutterstock
Xinmei Shen

Blockchain game software unicorn Animoca Brands is injecting US$30 million into Hi, a cryptocurrency exchange start-up also based in Hong Kong, even as funding dwindles for similar businesses worldwide amid growing regulatory risks and economic uncertainties.

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The investment is part of a new strategic partnership between Hi and Animoca, one of the most active investors in the Web3 space known for operating the non-fungible token (NFT) game The Sandbox, the companies announced on Thursday.

Hi was started in 2021 by founders that include former Crypto.com executive Sean Rach.

Hi’s namesake app combines crypto exchange and mobile banking features, the firm said. The platform also facilitates cryptocurrency trading and allows users to sign up for a Mastercard debit card that lets them make payments in cryptocurrencies. Most users will receive an electronic card, while those in some European countries will also get a physical card.

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Hi also recently launched a separate trading platform for Hong Kong, where regulators last month put in place some of the world’s most exacting rules for retail-facing crypto exchanges.
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Since last month, crypto exchanges must seek a licence with the Hong Kong Securities and Futures Commission (SFC) to sell and market to the city’s consumers. Exchanges that already had a major presence in Hong Kong have a one-year window to continue operations while they prepare to comply with the new rules or exit the market.

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