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Animoca Brands, a leading branding and investment firm in digital property, is joining the MultiversX ecosystem as a contributor. The move has been well-received by the market, pushing MultiversX’s core token $EGLDupwards, despite an overall bearish crypto market.

As announced on February 26, Animoca Brands is now a MultiversX “validator and ecosystem contributor.” With that, the firm aims to “leverage synergies between MultiversX and us, its blockchain network including development tools such as Sovereign Chains, and our 540+ portfolio companies.”

“Animoca Brands is thrilled to be a validator and contributor for MultiversX,” Yat Siu, co-founder and executive chairman of Animoca Brands, commented. “Together, we aim to redefine the gaming industry’s landscape, empower users, and accelerate the adoption of Web3. By combining Animoca Brands’ industry leadership and MultiversX’s horizontally scalable network and sovereign chain infrastructure, we look forward to advancing development in the Web3 industry.”

MultiversX ($EGLD) price following Animoca Brand’s announcement

As of this writing, $EGLDis trading at $21.56, up 5.24% in the last 24 hours. This is a significant move upwards in response to Animoca’s announcement, considering how the entire cryptocurrency market is mostly sidelined.

Notably, MultiversX is still a small-cap cryptocurrency, with slightly over $600 million of market capitalization. This market valuation, however, has attracted investors who believe have spotted a promising asymmetry, considering the blockchain’s technological fundamentals.

Justin Bons, for example, founder of Europe’s oldest cryptocurrency fund, has praised MultiversX’s and $EGLD’s fundamentals several times on X.

Bons called MultiversX “the technological Holy Grail of crypto” in one occasion, covered by Finbold. Additionally, he praised the “small team in Romania that raised $5M in 2019,” for building “the most technically advanced blockchain today,” in another post.

Furthermore, Finbold reported about a city in Romania that could soon adopt $EGLDand an announced partnership with Alibaba Cloud. These movements sum up to the now-known Animoca Brands contributions, pushing MultiversX forward in the crypto and blockchain industry.

Featured image from Shutterstock

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