OKX Ventures Invests in Mocaverse for Joint Development on X1 zkEVM Layer 2 Network

by Alisa Davidson

Published: December 13, 2023 at 4:36 am Updated: December 13, 2023 at 4:36 am

by Victor Dey

Edited and fact-checked:
December 13, 2023 at 4:36 am

In Brief

OKX Ventures announced a undisclosed investment in Mocaverse to co-build its projects on X1 zkEVM Layer 2 network.

OKX Ventures Invests in Mocaverse for Joint Development on X1 zkEVM Layer 2 Network

Crypto exchange and Web3 technology company OKX‘s investment arm OKX Ventures, announced its investment in Mocaverse — a Web3 ecosystem project developed by Animoca Brands to co-build Mocaverse projects on OKX’s zkEVM Layer 2 network, X1.

Built with the Polygon Chain Development Kit (CDK), the newly announced X1 launched its testnet in November. It uses OKX’s native token, OKB, for gas fees. The network enables secure deployment of decentralized applications (dApps) connectivity with a spectrum of smart contracts, wallets and tools.

The undisclosed investment highlights a shared commitment to scaling the global blockchain ecosystem and fostering a more interconnected Web3 world. In addition to the investment, the companies have also announced a partnership.

A Partnership to Boost Mocaverse with X1 Network Integration

Through the collaboration, OKX will provide Mocaverse’s 400 projects and diverse ecosystem access to X1, allowing to integrate dApps on the network and leverage OKX’s global user base, which exceeds 50 million.

The strategic move by OKX and Animoca Brands aims to establish synergies between X1 and Mocaverse, with the purpose of supporting the growth of the developer community and encouraging participants to build on the X1 network.

Since its inception, Mocaverse has positioned itself as a hub for collaborations and connections within the Animoca Brands ecosystem, with plans to function as an interoperable meta experience layer for Web3 identity, social interactions and growth.

Animoca Brands Propels Mocaverse Expansion

In recent developments, Animoca Brands announced the completion of a second round of funding, raising $11.88 million for its NFT project, Mocaverse. This funding round was led by Block1, OKX Ventures, Foresight Ventures, Polygon Ventures, and Dapper Labs, among others.

The allocated funds will be used to establish a digital identity and points system designed for Web3 games, culture, and entertainment.

Mocaverse’s overarching goal is to operate as an interoperable meta experience layer, enabling users to establish their digital identity, build reputation, and earn and spend Realm Points through active engagement within the Mocaverse ecosystem.

In a cohesive move towards the future of Web3 innovation, the new investment and partnership between OKX and Animoca Brands highlight a joint commitment to scaling the global blockchain ecosystem and signal a concerted effort to foster a more interconnected Web3 world.

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About The Author

Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and engagement with scientific writing.

Alisa Davidson