Animoca Brands, a leading blockchain gaming and metaverse investment company, announced on Monday a strategic alliance and investment deal with Neom, the large-scale Saudi Arabian urban development project, to advance adoption of crypto technology in the Gulf region.

The companies signed a memorandum of understanding to collaborate on digital infrastructure projects that will support Neom’s Vision 2030 goals and establish a hub to grow the local blockchain ecosystem. Neom first announced an investment in Animoca Brands last week, but did not confirm details at the time.

Neom’s investment arm will also invest $50 million into Animoca Brands, pending finalization of agreements. According to the release, Neom will spend $25 million on convertible notes direct from the firm and spend another $25 million buying up Animoca shares on the secondary market.

“We are excited to partner with Animoca Brands to support the development of Neom’s digital infrastructure,” said Majid Mufti, CEO of Neom Investment Fund, in the company statement. “Web3 technology and infrastructure development will not only be an important foundation of Neom’s tech stack and architecture, but also has potential to revolutionize global industries.”

Animoca Brands will advise Neom on building blockchain-based services that

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Author: Decrypt AI, Edited by Andrew Hayward

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