Multimetaverse Holdings Limited Provides Update On Joint Venture

(MENAFN- GlobeNewsWire - Nasdaq) SHANGHAI, Nov. 11, 2024 (GLOBE NEWSWIRE) -- MultiMetaVerse Holdings Limited (NASDAQ: MMV) (“MMV” or the“Company”), a leading animation and entertainment company for young consumers in China, today announced an update on its previously announced joint venture with ZHENGHE HOLDING CO., LIMITED (“Zhenghe”), Gold ABC DIGITAL technology CO., LIMITED (“GOLD ABC”).

GOLD ABC is a Hong Kong-based entity focused on algorithms to achieve self-holding asset appreciation. This collaboration with Zhenghe aims to leverage the expertise of both parties in financial technology, blockchain, and traditional finance. MMV owns 20% of GOLD ABC and ZHENGHE is responsible for GOLD ABC's daily management and operation.

It was previously announced that GOLD ABC had borrowed 500 Bitcoins from Zhenghe at an average cost of $60,000 per Bitcoin for a one-year term at 8% interest per annum. On November 8th, 2024, MMV and Zhenghe entered into an agreement whereby Zhenghe agreed to waive the interest payment. As of November 10th, 2024, the price of Bitcoin was $80,600 per Bitcoin.

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.

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