The effects of that FTX chill and the global economic slowdown have made fundraising difficult, but Mr. Siu remains optimistic that capital and interest in cryptocurrencies remains. Several subsidiaries of Sequoia-backed Animoca have raised money even through the FTX cycle, Siu said, without disclosing names or valuations.

Animoca Brands, which has stakes in more than 380 companies, does not plan to raise more funds after accepting Temasek’s investment in September, Siu said. His approach is to develop an ecosystem of complementary crypto companies building the so-called Web3, a loosely defined next iteration of the web with fewer intermediaries and more direct interaction between users and service and content providers.

Market turbulence has affected Animoca’s revenue due to falling prices of digital assets, Siu said. “Because our revenue is token-based, overall revenue on fiat terms will also be affected.”

Online markets for digital tokens crashed in 2022, led by the global liquidity tightening, the collapse of the Terra ecosystem and, most recently, the failure of FTX and Bankman-Fried’s Alameda Research. The largest cryptocurrency, bitcoin, has plunged more than 61 percent over the past year, while second-ranked ether has fallen nearly 65 percent.

Bloomberg