Animoca Brands, Hong Kong-based gaming software firm, has announced on Wednesday that it has invested $100,000 into NFT finance firm Cyan for buy now, pay later (BNPL) service. Cyan’s Buy Now, Pay Later service will enable users to buy NFTs and pay for them later in the future.
It provides users the ability to finance NFT purchases, re-collateralize, and a way to earn yields on metaverse assets by staking them into vaults.
Cyan Raises $100k From Animoca Brands
Cyan has announced in a tweet about raising 100k in a pre-seed investment from Animoca Brands. The partnership will increase NFT participation and inclusion by helping users capitalize on the service. The tweet says:
“We’re excited to have @animocabrands join us in making NFTs even more accessible for all through our buy now pay later service.”
The new funding from Animoca Brands represents its expansion and involvement in the NFT and metaverse projects. With Cyan’s buy now, pay later service for the metaverse, customers can buy Blue Chip NFTs over a three-month period in four installments in the starting. However, the time period and installments can be later extended into longer terms. The company will introduce more categories including digital land, and other projects within the metaverse.
Commenting on having Animoca Brands on board, Mikio Crosby, founder of Cyan, said:
“We are extremely excited to have Animoca Brands on board and look forward to building an accessible metaverse for all.”
Yat Siu, the executive chairman and co-founder of Animoca Brands, believes the Buy Now, Pay Later service introduced by Cyan is extremely helpful for the open metaverse space. Moreover, the service will help enhance participation and inclusion from wider financial backgrounds, including individuals as well as companies.
Animoca Brands Roots Deeply Into the NFT and Metaverse
Animoca Brands, the company behind The Sandbox metaverse, has invested actively in the NFT and metaverse space. With more than 150 investments in the NFT and metaverse-related companies and projects including Yuga Labs, OpenSea, Axie Infinity, Dapper Labs, among others, Animoca Brands has acted as a major contributor for increasing NFT and metaverse adoption.
With its investment in Cyan, Animoca Brands has provided an option to influence more participation in the space.