cryptonewsz.com
Animoca Brand’s Chairman Yat Siu, believes that Hong Kong is a “strong contender” for a possible IPO of crypto venture investor and blockchain game developer Animoca Brands.
In a recent interview, Yat Siu added that Hong Kong can be the place for the possible listing since the company is headquartered in the city, where digital-asset related activity has grown exponentially as officials are looking to develop it as a crypto hub.
He, however, added that IPO plans may take a “couple more years to truly form out” and the firm is currently focused on growing business.
Animoca shares were trading on secondary markets at valuations between $1.5 billion and $3 billion, compared to the $5.9 billion valuation in a fundraising round in 2022, and with these thin trading volumes, Animoca is not seeking to raise new capital.
Siu also believes Hong Kong, had got a financial clearing house for international capital in and out of the mainland.
Siu also touched upon growing altcoins in the crypto industry. In a recent post on X, Siu shared, “Crypto market has broadly increased to +2 trillion YOY & altcoins are collectively up +70% so why have so many recent launches underperformed? Attention dilution; with millions of new tokens launched in 2024.”
6/ the launch for altcoins has simply expanded more rapidly than the growth of network participants in web3 for the time being, this is not dissimilar to the launches of website, messageboards and chat rooms in the dotcom boom or smartphone apps in 2010-12 pic.twitter.com/lYTaesOeRY
— Yat Siu (@ysiu) September 17, 2024
Yat Siu had recently spoken on how the firm has expanded its investment mandate to include listed tokens, with an emphasis on their portfolio. Web3 projects that are capable of attracting institutional interest will stand out in this crowded market overcoming part of the problem of attention dilution, as per Siu.