Venture capital firm Animoca Brands released an interim financial report laying out its key unaudited financial positions as of April 30, 2023. The company revealed around $3.4 billion in assets, claiming it remains financially strong despite recent reports of its valuation plummeting.
Within the update, the company highlighted a cash and stable balance worth $194 million, liquid digital assets worth $566 million — including reserves in The Sandbox (SAND) tokens — and off-balance sheet tokens worth $2.7 billion for all other Animoca Brands majority-owned Web3 subsidiaries.
According to the firm, it will release additional financial updates beginning with an audited financial statement for 2020. The firm also promised to release financial and business highlights for 2022 and the first quarter of 2023.
The update’s release follows rumors that the company has faced financial struggles. On March 24, a Reuters report citing anonymous sources said that the company had cut its metaverse fund target to $800 million, with its valuation dropping from $6 billion to $2 billion.
The company immediately responded and denied the reports. On March 25, Animoca Brands told Cointelegraph that the claims were incorrect. The firm downplayed suggestions that its valuation plummeted and that it scaled back its metaverse fund target. The company’s co-founder Yat Siu highlighted that the source’s anonymity also makes it difficult to determine their agenda.
“Angry Birds was not created by Activision.” @viewfromhk, CEO of @animocabrands, explains in our exclusive chat at @ParisBlockWeek that major game companies don’t always drive innovation.
Is it time for a new generation of game developers to shine in Web3? #PBW2023 pic.twitter.com/UwcujLeGYY
— Cointelegraph (@Cointelegraph) March 22, 2023
In other news, crypto exchange Kraken has created a fake crypto account to bait fraudsters. The company collaborated with popular streamer Kitboga, famous for annoying scammers with his content. Kraken built a custom environment to frustrate someone impersonating United States President Joe Biden.
Disclaimer: CryptoNewsBook is an online aggregator that fetches latest crypto news from different sources. This article is provided for general information purposes ONLY and contains data fetched from third party sources; hence, we do not endorse its accuracy. For more details, kindly visit The Source. Please report any fake news or false statement to Our Support Team. If you are the original owner of this content and wish it to be removed on this platform, kindly forward your request to Our Support Team.
Also Note: Cryptocurrencies are unregulated, and no part of this article should be understood nor interpreted as a recommendation/advice. #s1
