- Animoca Brands and OpenST Limited partner to develop products utilising blockchain technology developed by OST.com Limited (OST KIT, OpenST Protocol and OpenST Mosaic Protocol)
- Animoca Brands will act as an advisor to OpenST Limited
- OpenST is a set of protocols that can be utilised by holders to create their own branded tokens leveraging the security of Ethereum and also the scalability of OST's utility chains
- OpenST Limited previously raised 46,828 Ether in a token sale at the end of 2017
- OST.com Limited is backed by prominent investors including Tencent, the world's largest gaming company, 500 Startups, and Greycroft
- The partnership represents another step in the Company's strategy to introduce blockchain technology and products to the consumer mass market
September 20, 2018 - HONG KONG and NEW YORK, N.Y.: Animoca Brands Corporation Limited (ASX:AB1, the "Company") is pleased to announce that it has entered into a strategic partnership (the "Agreement") with OpenST Limited to develop blockchain games by leveraging OST KIT and the OpenST and OpenST Mosaic Protocols, blockchain infrastructure developed by OST.com Limited (company and services collectively, "OST").
OpenST Limited is a non-profit company whose mandate is to support the OpenST Protocol and advance the OpenST developer ecosystem. OpenST Limited raised 46,828 Ether through a token sale of its Simple Token in November 2017.
OST is a leading technology developer in the blockchain and digital token space, and lead developer of the OpenST and OpenST Mosaic Protocols. OST has received backing from prominent investors including Tencent Holdings Ltd., 500 Startups, and Greycroft.
OST empowers businesses to run token economies in their own apps. OST develops the OpenST Protocol, a framework for building highly scalable blockchain token economies. OST blockchain technology empowers businesses to easily launch and integrate branded tokens into their apps and platforms to transform their communities into dynamic ecosystems. The OST technology stack allows for designing, staking and minting ERC-20 Branded Tokens, as well as for integrating user balances and transaction histories, user and identity verifications and parameters, airdrops, and analytics. OST is also involved in the creation of decentralised apps (DApps).
Under the agreement, Animoca Brands and OpenST Limited will partner to develop products utilising OST and integrate OST in some of the Company's existing and future products, including WalletPet, the Company's gamified cryptowallet, currently in beta testing. Animoca Brands will also serve as advisor to OpenST Limited, assisting it to bridge the gap between blockchain and mainstream consumer apps, and both companies also agreed to develop further strategic ties in the future.
Yat Siu, co-founder and board director of Animoca Brands said: "By partnering with OpenST and OST, Animoca Brands is building a powerful strategic foundation for long-term blockchain development, and securing a savvy partner who has already produced a high-demand utility token and an innovative tokenisation platform. We look forward to collaborating to bridge the gap between blockchain technology and mainstream consumer applications as we bring DApps into the mainstream, to the hundreds of millions of users who have yet to experience the impact of blockchain directly."
Dr. Chris Dark, co-founder of OST and board director of OpenST Limited said: "As a blockchain enthusiast and also a long-time gamer, I am excited to work with the Animoca Brands team. In traditional games, players could earn points but had limited options in terms of spending or selling them. With blockchain tokens, such constraints disappear and there are countless possibilities to explore. OST has already built many of the blockchain tools that gaming developers need, so there are strong synergies with Animoca Brands' expertise in gaming, blockchain, and AI."
Last updated: Sep 25, 2019 at 05:39 pm CDT
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