Animoca Brands Boosts MultiversX, EGLD Surges Despite Crypto Downturn

Animoca Brands, a prominent digital property investment and branding firm, has joined the MultiversX ecosystem as a validator and ecosystem contributor. This strategic move has been well-received by the market, pushing MultiversX's core token, EGLD, upwards despite the overall bearish crypto market.

As announced on February 26, Animoca Brands aims to leverage synergies between MultiversX and its blockchain network, including development tools such as Sovereign Chains, and its 540+ portfolio companies. The firm has started with 100,000 EGLD staked, worth approximately $2.15 million at current prices.

Yat Siu, co-founder and executive chairman of Animoca Brands, commented on the partnership, "Animoca Brands is thrilled to be a validator and contributor for MultiversX. Together, we aim to redefine the gaming industry's landscape, empower users, and accelerate the adoption of Web3."

As of this writing, EGLD is trading at $21.56, up 5.24% in the last 24 hours. This significant move upwards is a response to Animoca's announcement, despite the overall sidelined cryptocurrency market.

MultiversX is still a small-cap cryptocurrency, with slightly over $600 million of market capitalization. However, its technological fundamentals have attracted investors who believe in its promising asymmetry. Justin Bons, founder of Europe's oldest cryptocurrency fund, has praised MultiversX's and EGLD's fundamentals on several occasions.

Bons has referred to MultiversX as "the technological Holy Grail of crypto" and has commended the small team in Romania that raised $5M in 2019 for building "the most technically advanced blockchain today." Additionally, a city in Romania is considering adopting EGLD, and an announced partnership with Alibaba Cloud further solidifies MultiversX's position in the crypto and blockchain industry.