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‘We have minimal exposure to FTX’: Animoca Brands Chair

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SNEAK PEEK

  • Yat Siu, Chairman of Animoca Brands, says, ‘we have minimal exposure to FTX and a solid Balance Sheet.
  • He points out that Animoca Brands are financially influential, with a portfolio of more than 380 companies in the web3 space
  • Animoca Brands will support the efforts of web3 creators and builders and will be able to create a true bedrock of web3 and the open metaverse.

Chairman of Animoca Brands Yat Siu, after announcing his decentralized plans to honour NFT royalties, has commented on the FTX Saga. After the recent FTX Scam, he has clarified that their exposure to FTX is limited to non-material trading balance. 

In a statement released by Animoca Brands, Yat Siu said,

“Our exposure to FTX is limited to a non-material trading balance and we continue to invest and support the ecosystem.”

Animoca Brands continue to support the ecosystem with their collaborations and platforms, such as Cool Cats, VCORE, Viker, and many more. 

He has specifically pointed out that Animoca Brands remind financially strong with 

  • a cash balance of approximately US$214 million
  • digital assets worth US$940 million 
  • US$3 billion of off-balance sheet digital reserves
  • Portfolio of some 380 companies representing the best web3and blockchain companies. 

He further adds that people must keep building the web3 space and celebrate the small victories that have enabled the teachers, creators and gamers to have a better life through digital ownership of NFTs

He further adds that the actions of some bad actors in the space do not represent the entire industry and web3 growth continues both in brands and companies by pointing out that the financial crisis of 2008 did not halt the explosive growth of the internet. The frigid crypto winter of 2018 did not extinguish the crypto web3 flame, which will continue the development of the entire industry.

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