Saudi Arabia's NEOM megaproject has proposed investing $50 million in crypto gaming investment company Animoca Brands.
The NEOM Investment Fund plans to invest $25 million via the issuance of convertible notes at a conversion cap price of A$4.50 per share. The remaining $25 million will be invested in purchasing Animoca Brands' shares on the secondary market. The partnership has been proposed in a memorandum of understanding, according to a press release from both parties.
"Web3 technology and infrastructure development will not only be an important foundation of NEOM’s tech stack and architecture but also has the potential to revolutionize global industries. By partnering with a market-leading company like Animoca Brands, we hope to accelerate web3 technology development and adoption," NEOM Investment Fund CEO Majid Mufti said.
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