Foxconn’s stake makes Multiverse Expert first Thai metaverse unicorn
A local digital start-up has become Thailand’s fourth unicorn and its first metaverse unicorn after its shares were acquired by a subsidiary of Taiwan’s tech giant Foxconn.
The acquisition of shares in MiGroup’s Multiverse Expert by Power-All Networks was reported by Bloomberg and Digital Journal, as well as confirmed by the Digital Economy Promotion Agency (Depa).
According to reports, Power-All Networks acquired a 10 per cent stake in Multiverse Expert on July 10 this year with a US$120 million cash earn-out potential. The deal is directly aligned with Power-All’s drive in the pan-metaverse and metaverse product space in China and the global market.
Becoming a “unicorn” means a start-up can be valued at more than $1 billion. Thailand’s other three unicorns are Flash Group, Ascend Money and newcomer Bitkub.
Power-All announced that the move combines the strength of three companies – Multiverse Expert’s “metaverse” technology and innovative applications; CTG’s EDTech platform that has access to over 400,000 financial trading instruments and expertise in online financial trading; and Power-All’s own global reach, numerous patents, research in inter-cloud computing blockchain and pioneering efforts in the pan metaverse.
The company said this combination will give access to a massive worldwide market by offering new user experiences and setting up a global de facto standard with the highest number of platforms. All these platforms will offer people lifetime access to knowledge and abilities in building a new economy in the metaverse, financial knowhow, investment skills or professions that can continue beyond the retirement age.
Multiverse Expert specialises in providing advice, designing, developing and managing solutions in either private, public or hybrid blockchain projects.
It has also designed a Tokeconomics system deployed via Mainnet – an independent blockchain running its own network with its own technology and protocol. The company also provides the service of source code verification to its clients and provides advice on the development of applications both on the net and on mobile phones.
Congratulating Multiverse Expert for becoming Thailand’s first metaverse “unicorn”, Depa also pointed out that it was behind the success of two metaverse projects – Veleverse and Chiangmai Crypto City Metaverse.
Multiverse Expert has also developed two games in which players can earn crypto coins, namely Bitkub Verify Project: 3Kingdom-heroes NFT and Bitkub Register Project: BitMonster.
Depa noted that blockchain and metaverse are key digital technologies that can create new opportunities for the Thai economy. It pointed out that having unicorns in the two technologies boosts Thailand’s competitiveness and will help draw investments and a workforce with top-digital skills. This will also help Thailand achieve Web 3.0, a new iteration of the World Wide Web that incorporates concepts like decentralisation, blockchain technologies and token-based economics.
