The gaming giant now holds an 84.13% stake in TinyTap.
On June 16, Hong Kong-based gaming investment organization Animoca Brands stated that it bought 80.45% of user-generated content (UGC) educational tech business TinyTap. The company stated that it paid more than $38 million in cash and shares.
According to the official statement, the gamification group will utilize TinyTap to create new educational content. This, supposedly, will provide educators all around the world more access to generate their own equity. After the purchase, Animoca Brands currently holds an 84.13% stake in TinyTap.
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Co-founder and executive chairman of Animoca Brands Yat Siu mentioned that the company will assist a number of teachers in solving various challenges that they come across. He stated:
“With our acquisition of TinyTap - a strong and proven leader in the field of UGC education - we will leverage blockchain to make new opportunities available to educators worldwide, allowing them to generate equity from their creations while offering parents enhanced learning opportunities for their kids.”
Hong Kong’s Animoca Brands, founded in 2014, is a venture capital company that focuses on blockchain, digital entertainment, and gaming. The organization led by entrepreneur Yat Siu has a wide range of subsidiaries, including Quidd, GAMEE, Pixowl, Lympo, The Sandbox, and others. The company was previously listed on the Australian Securities Exchange.
Yogev Shelly, CEO of TinyTap, also stated that the business has been long keen on helping educators “escape” from the limitations that the current education systems impose. “We empower educators to create engaging learning activities,” he stated. The CEO hopes that Animoca Brands can assist the company in constructing a completely different and independent educational system, which “is owned and led by educators themselves.”
In other news, earlier in April, Animoca Brands purchased the subsidiary of Engine Gaming for roughly $15.3 million to “avoid expensive bridge financing and the sale of stock at current levels."