SHANGHAI, Aug. 28, 2024 /PRNewswire/ -- MultiMetaVerse
Holdings Limited (NASDAQ: MMV) ("MMV" or the "Company"), a leading
animation and entertainment company for young consumers in
China, today announced the
establishment of a new joint venture, GOLD ABC DIGITAL TECHNOLOGY
CO., LIMITED ("GOLD ABC"), and its initial strategic
investments.
MMV previously partnered with ZHENGHE HOLDING CO.,
LIMITED ("Zhenghe"), a blockchain technology service provider, to
form GOLD ABC, a Hong Kong-based
entity focused on algorithms to achieve self-holding asset
appreciation. This collaboration aims to leverage the
expertise of both parties in financial technology, blockchain, and
traditional finance, and potentially creates a valuable opportunity
for MMV to enter into a new industry. MMV owns 20% of GOLD
ABC and ZHENGHE is responsible for GOLD ABC's daily management and
operation.
Earlier this month, GOLD ABC
borrowed 500 Bitcoins at an average cost of $60,000 per Bitcoin from Zhenghe for
a one-year term at 8% interest per annum. GOLD ABC
intends to utilize its established AI algorithms for secondary
market trades to manage and increase the value of these
assets. Over the next three months, GOLD ABC
intends to open a position and buy
gold, which GOLD ABC views as another
quality alternative asset in the current political and
economic environment.
Yiran Xu, Chairman and CEO of MMV
commented, "The establishment of GOLD ABC represents a significant
milestone in our strategic expansion into the rapidly evolving
world of digital assets and blockchain technology. This joint
venture positions MMV at the forefront of financial
innovation."
Wenjin Li, Director and CEO of
Zhenghe commented, "We are confident that these initiatives will
not only drive our growth but also create substantial value for our
shareholders. In this fast-paced industry, we believe our unique
blend of technological expertise and forward-thinking strategies
will enable us to capitalize on emerging
opportunities and establish Gold ABC
as a leader in the convergence of
traditional finance and cutting-edge technology."
About MultiMetaVerse Holdings Limited.
MultiMetaVerse Holdings Limited (NASDAQ:
MMV) is an animation and entertainment company dedicated to
providing a high-quality, immersive entertainment experience
through original, user-generated, and professional user-generated
content. MMV commenced animation production in 2015 under its
signature Aotu World brand, which has attracted a broad following
with its inspiring storyline and unique graphic style, particularly
among younger audiences in China.
By leveraging the company's established user base, MMV has built a
diverse product portfolio, including animated content, comic books,
short videos, collectibles, stationery, consumer products, and
mobile games across the Aotu World brand. It has also developed and
augmented new brands, stories, and characters, such as Neko
Album.
For more information, please visit
https://www.multi-metaverse.com/.
For investor and media inquiries, please contact:
MultiMetaVerse Holdings Limited
Investor Relations
E-mail: ir@multi-metaverse.com
Safe Harbor Statement
This press release contains forward-looking statements which
generally are identified by the words "believe," "project,"
"expect," "anticipate," "estimate," "intend," "strategy," "future,"
"opportunity," "plan," "may," "should," "will," "would," "will be,"
"will continue," "will likely result," and similar expressions.
Without limiting the generality of the foregoing, the
forward-looking statements in this press release include
descriptions of the Company's future commercial operations.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties. Many factors could cause actual future events to
differ materially from the forward-looking statements in this press
release, such as the Company's inability to implement its business
plans, identify and realize additional opportunities, or meet or
exceed its financial projections and changes in the regulatory or
competitive environment in which the Company operates.
You should carefully consider the
foregoing factors and the other
risks and uncertainties described in the Company's
Annual Report on Form 20-F and other documents filed or to be filed
by the Company with the SEC from time to time, which could cause
actual events and results to differ materially from those contained
in the forward-looking statements. All information provided herein
is as of the date of this press
release, and the Company undertakes
no obligation to update any
forward-looking statement, except as required under applicable
law.
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SOURCE MultiMetaVerse Holdings Limited