Blockchain Company Animoca to Stop Servicing Russian Users

The blockchain company Animoca Brands will stop servicing customers from Russia and will also stop selling shares according to a recent press release so let’s read further in today’s latest blockchain news.

Animoca Brands is one of the leading blockchain gaming companies and it recently announced that it plans to cut ties with Russian customers as a response to the country’s invasion of Ukraine. Animoca Brands is one of the biggest players in the GameFi industry and is taking part in most of the projects in the field. However now, the blockchain company Animoca said it will cut services for Russian customers which came expected after the Invasion of Ukraine. Speaking of the matter was Yat Siu who is the co-founder of Animoca:

“The legal advice we’ve been receiving is we now have to impose some restrictions. It’s a sanctioned country on par with North Korea.
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The moment we end up doing business in those areas, we might ourselves become financially excluded from the financial system.”

The company will also stop selling shares to Russian investors in addition to the decision to stop servicing the users. The decision will affect all subsidies like Gamee and Lympo but the co-founder said that the number of Russian users is not so big to have a huge impact on the results of the company.

As recently reported, Animoca Brands is the Hong-Kong based game software and venture capital company behind the metaverse game The Sandbox and It announced the launch of the Guild Accelerator PRogram partnering with venture accelerator Brinc. According to the official press release, the new accelerator program will focus on developing an emerging play to earn guild ecosystem across the world and it also announced that the program will offer a total investment capital of $30 million for a period of two years. Animoca is expected to help millions of individuals globally to generate income by taking part in the P2E gaming and gaming guilds.

Animoca launches guild accelerator program that will prioritize projects that commit it to sustainability like supporting and giving back to player communities having low physical footprint and focusing on energy-efficient proof of stake protocols and side chains.