Crypto venture capital firm Animoca Brands has announced its intention to acquire more EDU tokens from the open market, leading to a significant surge in the price of Open Campus’ native token by over 30%.
Animoca Brands, known for projects like The Sandbox and Eden Games, expressed its commitment to supporting the EDU Foundation by purchasing additional Open Campus (EDU) tokens from the open market.
In a blog post on May 22, the Hong Kong-based firm stated its aim to bolster the upcoming EDU Chain, a layer-3 blockchain solution tailored for the global education sector. Following this announcement, the price of EDU soared to $0.8, marking a remarkable increase of around 35%.
While specific details regarding the duration and quantity of the planned token purchase were not disclosed, both Animoca Brands and its subsidiary, TinyTap, are launch partners of Open Campus. Yat Siu, Animoca Brands’ executive chairman and co-founder, along with Yogev Shelly, TinyTap’s CEO, are members of the EDU Foundation Council, as stated in the announcement.
Established in 2022, Open Campus is a blockchain-based foundation with a mission to unite educators, content developers, parents, and students. In November 2023, the project secured over $3 million in funding from Binance‘s venture arm, Binance Labs. Prior to this, Open Campus received significant support from Binance, being featured on its Launchpad crowdfunding platform. The token sale garnered considerable interest, with over 9 million Binance Coin (BNB) pledged by 120,000 users.
Summary Review: Animoca Brands’ announcement of its intention to increase its holdings of Open Campus (EDU) tokens has sparked a significant surge in the token’s value, highlighting growing investor confidence in the project and its future prospects. This move underscores Animoca Brands’ commitment to supporting the EDU Foundation and its initiatives, particularly the development of the EDU Chain, aimed at revolutionizing the global education industry through blockchain technology. With strong backing from both Animoca Brands and Binance, Open Campus has positioned itself as a promising player in the blockchain-based education sector, attracting considerable interest and investment. As the project continues to evolve and expand, it remains one to watch for further developments and potential opportunities in the education and cryptocurrency markets.
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