Hi is a Web3 neobanking program that offers cryptocurrency exchange services, traditional digital banking, and personalized debit cards in an NFT manner. Animoca Brands is a partner of his.
As his company allots $30 million for the neobank platform Animoca Brands co-founder and executive chairman Yat Siu sees a lot of promise in the personalization of Web-based services.
As part of its expanding ecosystem, Siu’s investment company intends to invest in the Web3 app, which combines a cryptocurrency exchange, digital banking services, and a customizable nonfungible token (NFT)-styled crypto debit card offering.
Siu, in an exclusive interview with Cointelegraph, stated that his concept for the NFT debit card service coincides with his beliefs regarding the interactions between culture and the Web 3. Customers can customize their actual cards with an NFT avatar they own using Hi’s flagship Mastercard debit card, which supports cryptocurrency.
It serves as an illustration of the trend toward personalization, as Web3 finally gives users the chance to express their uniqueness and identities in novel and interesting ways.
The ability to increase the utility of multiple Web3 tokens and NFTs is a key aspect of the agreement. The Hi ecosystem includes sidechains compatible with the Ethereum Virtual Machine (EVM) and Web3-integrated financial applications.
Through the Hi Protocol’s proof of human identification solution, the two businesses will also try to promote the use of a “unique-human authentication mechanism”.
According to Sean Rac, a co-founder of Hi, the protocol’s proof of human identification solution corrects problems from the Web2 period, when a few businesses were able to dominate user data and identity by establishing themselves as “dominant credential providers.”
Rac claims that his system takes care of this by employing a dual-node topology, with one set of nodes acting as identity validators in charge of confirming accounts owned by people. Block producers are securing the network in the meantime.
Rac went on to say that the strategy might make “human-only” networks and decentralized applications possible.
Users will be able to send and receive The Sandbox and other Animoca Web3 ecosystem tokens thanks to the cooperation. According to reports, the Web3 app has more than 3.5 million users.
With the help of the card service, customers will be able to make payments with fiat or cryptocurrency debit cards at more than 90 million merchant locations worldwide.
The platform aims to enter a market that neobanks like Revolut and N26 have carved out, and its emphasis on Web3 may entice supporters and enthusiasts to join, even if it’s merely to acquire a debit card to display their precious Bored Ape Yacht Club, Meebit, or Pudgy Penguin NFTs.
According to Siu, the investment was motivated by the idea that it would attract a fresh audience to Web3 and Animoca’s own brands, such as The Sandbox.
We think that Hi’s main use will be to make it easier to use on- and off-ramp rails, which will enhance the spread of the technology.
Animoca, which has invested in numerous NFT and Web3 projects, may also derive significant value from the transaction. Siu added that the investment will start as soon as both parties sign binding contracts.
The Neobank has received approval to operate as a virtual asset service provider (VASP) in Lithuania, and the payments service regulation in Italy has also acknowledged it as a provider of digital currency services. The pre-registration of the platform for a VASP license with the Hong Kong Securities and Futures Commission is underway as part of Hi’s expansion into Asia.
Siu informed Cointelegraph earlier this month that Animoca was still waiting for regulatory authorization in Hong Kong for its planned $1 billion metaverse fund. The business is still making significant investments in Web3 and blockchain gaming developments.