Animoca Brands Corp. is looking to raise around $1 billion this quarter for its new Web3 and metaverse investment fund, slashing its ambitions during the current crypto industry meltdown.

Animoca Capital is in talks with potential investors and would use the money to support blockchain and metaverse startups, co-founder Yat Siu, who is also chairman of Animoca Brands, said in a Twitter Spaces chat with Bloomberg in Hong Kong on Thursday.

For the latest headlines, follow our Google News channel online or via the app..

The collapse of the FTX exchange in early November turned the cryptocurrency world upside down, leading to bankruptcies and closures among various players in the industry. Around a dozen Animoca portfolio companies were severely affected by the event, beyond…