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It is not unlikely for two players to come together from different backgrounds and partner to accelerate the adoption of Web3. Animoca Brands and Hex Trust are recent examples. They have announced the public launch of a joint venture, Gryfyn. It has been tasked with providing innovative custodial wallet solutions with a core focus on onboarding users to the Web3 sphere.
The fact that Gryfyn was quick enough to get a significant investment of $7.5 million from prominent names is what makes this development intriguing. This includes, among others, LeadBlock Partners, Animoca Ventures, and Lavender Hill Capital Partners. In addition to Gabby Dizon, other angel investors participated in the fundraising round.
The funds raised by Gryfyn will be used to help the joint venture’s NFT-centric custodial wallet expand. Arnoldo Concepcion has been chosen as the chief executive officer of Gryfyn in yet another significant development. Arnoldo has prior experience as a co-chief operating officer for Animoca Brands.
Hex Trust comes into the picture with a critical element—infrastructure—that has been insured and licensed to be institutional-grade infrastructure.
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The NFT-centric wallet sports bank-grade security. Users can leverage the feature to conveniently interact with multiple blockchains and products that are based on Web3. Interactions between multiple blockchains are assured to be secure, courtesy of the infrastructure that is backed by Hex Trust.
The public launch of Gryfyn may seem like a sudden decision, but it has actually been in the works since November 2022. During that time, Gryfyn had a fruitful “soft launch” at Hong Kong Fintech Week. The partnership has finalized agreements with major companies throughout the world, and it will begin releasing its first revolutionary features in 2023. Also, activation events for Gryfyn will be released to the community at certain points during the year.
Arnoldo Concepcion, now the Chief Executive Officer of Gryfyn, has commented on the development, highlighting that the goal is to connect people with experiences they have never had before. By calling Gryfyn a digital passport, Arnoldo has assured that Gryfyn can be used to connect with any experience, like music, sports, or games. He has further expressed excitement about onboarding the mass market to the Web3 experience.
Yat Siu, the co-founder and chairman of Animoca Brands, has said that Gryfyn will bring the Web3 experience a lot closer to the users by providing true ownership. This will also ensure that user data is protected at all times.
Alessio Quaglini, the CEO of Hex Trust, has said that everyone at Hex Trust is thrilled with the global launch of Gryfyn. Alessio also noted that the worldwide launch is vital for giving people ownership in a completely decentralized market.
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Gryfyn has been successful in the soft launch, and the time is suitable for the joint venture to prove its utility with the global public launch.
