hi Partners with Animoca Brands and Receives $30 Million Investment
Crypto payments application and protocol hi has secured a $30 million investment from Animoca Brands, a major player in metaverse gaming and venture capital. The partnership aims to bring utility to non-fungible tokens (NFTs) across Animoca Brands’ network and the Web3 ecosystem. hi operates as a neobank, providing digital banking services for crypto and fiat transactions. It plans to scale its app and prepare for the launch of its Ethereum Virtual Machine (EVM) compatible hi Protocol. The funding will also be used to implement a Proof of Human Identity (POHI) solution in its KYC process to prevent bots from transacting. Currently, hi has 3.5 million users, with 1 million KYC’d users.
Main Points:
– hi receives a $30 million investment from Animoca Brands and forms a partnership.
– The partnership aims to bring utility to NFTs across Animoca Brands’ network and the Web3 ecosystem.
– hi operates as a neobank, offering digital banking services for crypto and fiat transactions.
– The funding will be used to scale the app and prepare for the launch of the hi Protocol.
– hi plans to implement a Proof of Human Identity (POHI) solution in its KYC process to prevent bots from transacting.
Expanding User Base and Focus on Identity
Hi currently has a user base primarily in Europe, but plans to expand into Asia, Latin America, and the U.S. once there is regulatory clarity. The company aims to grow its user numbers through the implementation of a Proof of Human Identity (POHI) solution in its KYC process. This solution will create unique addresses that prove the user is human, preventing bots from engaging in transactions. The conversation around crypto and identity has gained attention with the launch of Worldcoin, which uses iris scans for KYC. Some individuals, including Ethereum founder Vitalik Buterin, have expressed concerns over privacy.
Hot Take
The partnership between hi and Animoca Brands, along with the $30 million investment, is a significant boost for hi’s expansion plans and its goal of bringing utility to NFTs. The integration with Animoca Brands’ network provides hi with access to millions of potential users, while the funding will allow hi to scale its app and launch its hi Protocol. The implementation of a Proof of Human Identity solution demonstrates hi’s commitment to security and preventing bot activity on its platform. The expansion into new regions and the focus on identity show hi’s ambition to become a leading player in the crypto payments space.
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