Animoca Brands Acquires Gamma Innovations

Animoca Brands (ASX:AB1) announced that they acquired Los Angeles-based Gamma Innovations. Gamma is in the process of developing a computing engine that turns users unused computer processing power into rewards that players can use towards games.

As quoted in the press release:

Gamma, based in Los Angeles, is focused on developing the GammaNow computing engine, a desktop application that allows users to leverage their computers’ idle processing power to generate Gamma Points, which are used to acquire in-game rewards for their favorite games.

Gamma recently executed a software license and development agreement with Razer (HKSE: 1337), a leading global lifestyle brand for gamers. As part of the agreement, Gamma whitelabeled its GammaNow computing engine to develop ‘Razer SoftMiner’, a mining software that utilises users’ computers’ idle processing power to mine for ethereum, with Gamma collecting 50% of the value of tokens mined. In return, users receive Razer’s own loyalty credits called Razer Silver. This agreement runs for a term of 36 months, and subsequently automatically renews for one year terms. Either party may terminate the agreement for cause with immediate effect upon written notice (in cases of uncured material breaches or insolvency), or without cause upon thirty days’ written notice.

Click here to read the full press release.