Tencent’s Head of Insurance to Join Animoca Brands as CBO: Report

Liu Jiaming, head of Insurance of China’s internet behemoth, Tencent, is all set to join Animoca Brands.

• According to a report, Jiaming will be onboarded as Chief Business Officer (CBO) by the blockchain gaming platform.
• Tencent’s microblogging site, Weibo, has reportedly confirmed the resignation of Jiaming as its executive director due to personal reasons.
• At Animoca, Jiaming will be tasked with managing more than 300 of its acquisition and investment companies and leading in mergers and acquisitions, as well as foreign cooperation.
• Animoca, for one, has been on an expansion spree after the bull run last year that massively catapulted blockchain-based gaming, metaverse, and the NFT sector.
• As a result of the growing demand, the company invested, acquired, as well as forged partnerships with several Web3-focused firms in recent times.
• The Hong Kong-based gaming giant acquired French game developer – Eden Games and Australian digital agency – Be Media in April this year.
• Despite the bear market, Animoca reportedly secured $75 million in a funding round in July.
• Participants of the round included Liberty City Ventures, Winklevoss Capital, and Soros Fund Management.
• Following the fundraising, Animoca’s valuation soared to $5.9 billion.
• Doubling down on its expansion plans, the company said it will deploy the funds to hire more people, upgrade its products, and receive licenses for intellectual properties (IPs).