Quick take:
- The funds will go towards developing Translucia.
- The platform will serve as a launchpad for partners to build interconnected metaverses using blockchain infrastructure.
- Sygnum will provide T&B Media Global with digital asset services.
Thai media giant T&B Global has partnered with Swiss crypto bank Sygnum to facilitate a $300M hybrid equity-NFT round that will go towards developing Translucia, T&B Media Global’s new interconnected metaverse platform with real estate developer Magnolia Quality Development Corporation (MQDC) joining as its first corporate partner.
Within Translucia, MQDC will develop a metaverse consisting of a virtual city that connects digital buildings with its real-world property projects and experiences.
The hybrid equity-NFT round is created to enable non-crypto native issuers and investors to participate in investment opportunities in the metaverse in a regulatory and compliant manner.
Launched in Sep 2021 with a first-stage investment of THB10 billion ($295 million, Translucia will serve as a launchpad for partners to build interconnected metaverses using blockchain infrastructure.
Sygnum will provide T&B Media Global with digital asset services which includes the structural set up of the hybrid equity-NFT round, developing metaverse token economic models and custody for traditional tokens, and providing institutional-grade custody for traditional securities and tokens.
“Immersive metaverse experiences require tokens and other forms of digital assets to facilitate interactions within digital worlds. This affords metaverse developers the capability to structure fundraising for their projects in exciting new ways – combining traditional financial market instruments with token generation events – and also enables investors to fully participate in the global metaverse opportunity,” said Gerald Goh, Sygnum Co-Founder and CEO Singapore.
Sygnum will also lead the fundraise by managing Translucia’s roadshow, and provide professional investors and strategic partners aligned with Translucia’s vision access to the platform and investment opportunity.
Launched in June, Sygnum provides crypto-native financial services. The bank raised $88 million in a Series B round in January and reached unicorn status. It obtained a capital markets services license from the Monetary Authority of Singapore (MAS) in May. It also has a fund management license from MAS and a Swiss banking license.
Sygnum’s Web3 projects including tokenising a blue-chip NFT Cryptopunk #6808 and regulated Ethereum staking on open blockchains as well as trading and asset management products for DeFi applications.
The bank is also a member of the governance council of Klaytn, a Korean crypto blockchain and regional leader for gaming, metaverse and the creator economy.
In September, Sygnum launched a metaverse hub in the virtual equivalent of New York’s Times Square in Decentraland.
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