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Hong Kong-based Animoca Brands, a developer of blockchain gaming technology, has reportedly cut its target for its metaverse fund by a further 20% to $800 million, Reuters reported, citing sources familiar with the matter.
The blockchain gaming technology company reportedly scaled back on its billion-dollar goal due to volatility in the crypto sector. The company had previously announced in November 2022 that it was working on a new Animoca Capital fund with a target of $2 billion but then halved that target to $1 billion in January 2023.
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