Skip to content Skip to sidebar Skip to footer

(Bloomberg) – Animoca Brands Corp. founder Yat Siu helped engineer the merger of two startups backed by his company, with the goal of creating a data and news service as the industry Struggling crypto consolidates.

Bloomberg’s Most Read

Data tracker CryptoSlam and Forkast.News will merge to become Forkast Labs, which will provide insights and tools for investors to track digital assets. The deal, the terms of which were not disclosed, marks the latest tie-up in an industry struggling to secure funding after FTX’s collapse spooked investors.

Forkast.News founder Angie Lau, a former Bloomberg TV anchor, and CryptoSlam creator Randy Wasinger will share the duties of chief executive of the newly merged entity, according to a company statement on Tuesday.

Siu, who continues to invest in a blockchain world rocked by a series of meltdowns and bankruptcies, has become one of the most influential investors in the struggling sector. He introduced the startup founders to each other and helped get the discussions started.

“This industry is very unstable and difficult,” Siu said. “People need to be able to weather these storms together.”

Launched in 2018, CryptoSlam is one of the most widely used transaction trackers of non-fungible tokens like Bored Ape Yacht Club avatars. Animoca led a $9 million seed round for the data provider a year ago. The Hong Kong-based blockchain investor and game studio has already participated in a $1.7 million capital raise for Forkast.News, which specializes in video journalism.

Both companies generated revenue on their own, but for Forkast.News at least, there were quarters during the market’s broader decline in 2022 when it was in the red, Lau said. The combined company, which has around 60 employees worldwide, will find a way to generate “sustainable profit”, she added, without giving details of its finances or valuation.

Forkast Labs will take on CoinDesk, part of Barry Silbert’s Digital Currency Group, as a source for crypto news and analysis.

Bloomberg Businessweek’s Most Read

©2023 Bloomberg LP

Source link

Leave a comment