Animoca Brands co-founder and executive chairman Yat Siu sees significant potential in the personalization of Web3-based services as his firm earmarks $30 million to neobank platform hi.
Siu’s investment firm plans to invest into the Web3 app that combines a cryptocurrency exchange, digital banking services and a customizable NFT-styled crypto debit card offering as part of its growing ecosystem.
Speaking exclusively to Cointelegraph, Siu said that hi’s vision for their NFT debit card offering intersects with his own views on the interplays of culture and Web3. hi’s flagship crypto-friendly Mastercard debit card allows users to personalize their physical cards with an NFT avatar which they verifiably own.
“It is an example of the ongoing shift towards personalization, where Web3 finally allows users the opportunity to express themselves and their individuality in new and exciting ways.”
A central feature of the agreement is the potential to amplify the utility of various Web3 tokens and nonfungible tokens (NFTs). The hi ecosystem features Web3-integrated financial application as well as its own hi protocol, which is an EVM compatible sidechain for Ethereum.
The two companies will also look to drive the adoption of a “unique-human authentication mechanism”, in reference to the hi protocol’s proof of human identity solution.
Related: Animoca still bullish on blockchain games, awaits license for metaverse fund
Sean Rac, hi co-founder, told Cointelegraph that the protocol’s proof of human identity solution looks to address shortcomings of the “Web2” era where a handful of companies gained control over user data and identity after establishing themselves as “dominant credential providers”.
According to Rac, hi’s solution addresses this by using a dual-bode structure where one set of nodes serve as identity validators that are responsible for verifying accounts are actually owned by humans. Meanwhile block producers secure the network.
Rac added that the approach could open up possibilities for “human-only” networks and decentralized applications.
Animoca Brands and @hi_com_official
We entered into a MoU for partnership to support hi’s dedicated work in bridging fiat & cryptocurrency worlds to onboard #Web3 to mass, creating real-world use cases for utility tokens like $SAND, $EDU, $APE & more! https://t.co/i5qOjMluPv— Animoca Brands (@animocabrands) July 27, 2023
The partnership will also allow users to spend and…
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