News Report Technology
December 13, 2023

OKX Ventures Invests in Mocaverse for Joint Development on X1 zkEVM Layer 2 Network

In Brief

OKX Ventures announced a undisclosed investment in Mocaverse to co-build its projects on X1 zkEVM Layer 2 network.

OKX Ventures Invests in Mocaverse for Joint Development on X1 zkEVM Layer 2 Network

Crypto exchange and Web3 technology company OKX‘s investment arm OKX Ventures, announced its investment in Mocaverse — a Web3 ecosystem project developed by Animoca Brands to co-build Mocaverse projects on OKX’s zkEVM Layer 2 network, X1

Built with the Polygon Chain Development Kit (CDK), the newly announced X1 launched its testnet in November. It uses OKX’s native token, OKB, for gas fees. The network enables secure deployment of decentralized applications (dApps) connectivity with a spectrum of smart contracts, wallets and tools. 

The undisclosed investment highlights a shared commitment to scaling the global blockchain ecosystem and fostering a more interconnected Web3 world. In addition to the investment, the companies have also announced a partnership.

A Partnership to Boost Mocaverse with X1 Network Integration

Through the collaboration, OKX will provide Mocaverse’s 400 projects and diverse ecosystem access to X1, allowing to integrate dApps on the network and leverage OKX’s global user base, which exceeds 50 million.

The strategic move by OKX and Animoca Brands aims to establish synergies between X1 and Mocaverse, with the purpose of supporting the growth of the developer community and encouraging participants to build on the X1 network.

Since its inception, Mocaverse has positioned itself as a hub for collaborations and connections within the Animoca Brands ecosystem, with plans to function as an interoperable meta experience layer for Web3 identity, social interactions and growth.

Animoca Brands Propels Mocaverse Expansion

In recent developments, Animoca Brands announced the completion of a second round of funding, raising $11.88 million for its NFT project, Mocaverse. This funding round was led by Block1, OKX Ventures, Foresight Ventures, Polygon Ventures, and Dapper Labs, among others.

The allocated funds will be used to establish a digital identity and points system designed for Web3 games, culture, and entertainment.

Mocaverse’s overarching goal is to operate as an interoperable meta experience layer, enabling users to establish their digital identity, build reputation, and earn and spend Realm Points through active engagement within the Mocaverse ecosystem.

In a cohesive move towards the future of Web3 innovation, the new investment and partnership between OKX and Animoca Brands highlight a joint commitment to scaling the global blockchain ecosystem and signal a concerted effort to foster a more interconnected Web3 world.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

More articles
Alisa Davidson
Alisa Davidson

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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