Animoca Brands said in a news release on Thursday that it had completed the acquisition of an 80.45% stake in blockchain-based education tech platform TinyTap for $38.875 million in cash and shares.
TinyTap provides a no-code platform enabling educators to create and distribute interactive content while earning usage-based revenue.
"Educators number among the most prolific creators and traders of content," said Yat Siu, executive chairman of Animoca, adding that the model allows educators to generate their own equity.
TinyTap was founded in 2012 and currently employs a staff of 30. The company has raised $13 million to date from investors including Aleph Venture Capital, Inimiti, Reinvent VC, Omega Group Enterprises, Radiant Ventures HK, Animoca Brands and others.
Animoca said blockchain is a useful tool in education because of the utility of creating immutable learning records, the fact that blockchain assets are platform-agnostic and user-owned and amid the financial incentives gleaned through tokenization of content.
Other shareholders of TinyTap include: Mario Ghio and Guilherme Mélega, respectively the CEO and the vice president; K12 of Somos Educação, which is part of Brazilian high-growth K-12 education company Vasta Educação, as well as current and former TinyTap team members.
It is the latest example of Animoca expanding its blockchain portfolio. In early June, the company announced the purchase of Notre Game, a gaming firm that incorporates physical and digital items into its titles.
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