Yat Siu, co-founder of Animoca Brands, is optimistic about the potential success of investments and partnerships in 2024, as institutional interest in Bitcoin continues to grow. Speaking at the Next Block Expo event in Berlin, Siu highlighted the 70 investments made in 2023 that are expected to yield results next year.
One of the key partnerships is with The Open Network (TON) blockchain, which involved the purchase of an undisclosed amount of Toncoin. Siu believes that this partnership will facilitate mass onboarding with the TON wallet, as there are 800 million users on Telegram using TON. Siu also mentioned Animoca’s acquisition of the social casual gaming platform Gamee in July 2020, which is set to benefit from its growing presence on Telegram.
Animoca is also interested in the performance of metaverse projects and nonfungible tokens (NFTs). Siu noted that the NFT market is recovering, thanks to long-term holders who see value in the projects and their fundamentals. He also mentioned that the number of NFTs available for sale from high-profile collections has significantly decreased compared to the bull market in 2021.
Siu is bullish about 2024 due to several macro factors. He mentioned the anticipation around Bitcoin spot exchange-traded funds in the U.S., the conclusion of Sam Bankman-Fried’s criminal trial, and Binance’s settlement with American authorities as reasons for positive sentiment. Siu believes that the potential approval of spot Bitcoin ETFs in early 2024, along with the recent liquidation of BTC short positions, will provide a strong foundation for the market.
Overall, Siu is confident about the future prospects of Animoca Brands and the cryptocurrency market in 2024.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇩🇪 |
| Sentiment | very positive |
| Relevance Score | 1 |
| People | Yat Siu, Sam Bankman-Fried |
| Companies | Animoca Brands, Binance, The Open Network (TON), Gamee, Telegram |
| Currencies | TokenFi, Bitcoin, Toncoin |
| Securities | None |
