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In an exclusive interview with CoinDesk, the leading gaming company Animoca Brands was pleased to announce the successful launch of a 28,000-square-foot office. The large office opened at a time when companies in Hong Kong were downsizing, citing the slow economic growth in mainland China.
As China seeks to ease the deflationary pressure, financial service providers and recruitment companies are downsizing. This effect seems to extend to Hong Kong, forcing most companies in traditional finance to reduce their workforce.
Animoca Brands Launches New Office in Hong Kong
While other companies consider laying off their employees to remain afloat, Animoca Brands has taken a separate route to expand its revenue streams. A statement from the president of Animoca Brands, Evan Auyang, reveals that the gaming company has opened a new office at 2601 meters in the southern part of the Asian country.
The new office occupies two floors of the new building, which is estimated to be ten times the size of a tennis court. The president explained that the decision to move from a 7500-square-foot building to a larger space aimed at providing space for Animoca Brands partners and businesses in its portfolio.
With the projection that Hong Kong will become the next Asia crypto hub, Auyang confirmed this was the right decision. Even though 2023 was unfavourable for Animoca, the gaming company believes it will still thrive in the region.
The president recalled that last year, the company was forced to dismiss some of its employees and reduce metaverse funding to $800 million from $2 billion to stay in operation. From the 2023 experience, the executive confessed that Animoca has learned from past mistakes and accepted failure.
He believes that Animoca Brands has embraced the experimental approach over time. Through the culture of experimentation, the Animoca team has managed to tap into top-tier talent that drives the business in a direction that attracts success.
Suitability of Hong Kong Crypto Market
Despite Animoca’s commitment to recruiting qualified staff, the gaming company has retained the most experienced professionals. This implies that Animoca has a balanced workforce of fresh talent and grey hair professionals. Auyang stated that Animoca boasts of having an excellent management team.
He noted that most executive are either in their 40s or 50s and joined the company at its growth stage. Auyang recalled as the company navigated the uncertain crypto sector, they went through a lot. Despite the challenges, Animoca remains among the best-performing gaming companies.
Will Animoca Depart from Hong Kong?
Elsewhere, the co-founder of Animoca Brands, Yat Siu, urged the local government to support Animoca’s operation in a crypto-friendly country. The executive described Animoca’s decision to remain in the region as invaluable, citing the government’s efforts to boost the suitability for the crypto industry.
He recalled that the Financial Service and Treasury (FSTB) had promised to support Web3 growth and unveiled its top agenda for the crypto industry. Earlier this year, the FSTB unveiled its Web3 goal, encouraging Animoca Brands to remain in the region.
Siu believes that the Asian country is a suitable destination for the Web3 project since it has a rich film, music, and art heritage. He recalled that during the COVID-19 pandemic, the Animoca team vowed to remain operational in the region.
Conclusion
The executive argued that Animoca was born and raised in an Asian country, and by no chance could the gaming company have thought of leaving the country. Animoca ranks among the leading companies operating in the region.
The attractiveness of the Hong Kong crypto market continues to attract foreign investment to the region. For updates on whether Animoca Brands will thrive in Hong Kong, follow TurkishNY Radio on Tumblr, Telegram, and LinkedIn.
