Open Campus (EDU) soars 35% amid Animoca Brands intent to buy more tokens

Crypto venture capital firm Animoca Brands said it plans to purchase more EDU tokens from the open market, increasing Open Campus’s native token by over 30%.

Animoca Brands, the crypto startup behind The Sandbox, Eden Games, and other blockchain games, has announced its intention to purchase more Open Campus (EDU) tokens from the open market to underline its support of the EDU Foundation.

In a blog announcement made on May 22, the Hong Kong-based firm said it wanted to support EDU Chain, a layer-3 blockchain solution designed to serve the global education industry, with the acquisition. Following the news, the price of EDU suddenly increased by around 35%, rising to $0.8.

EDU price in USD | Source: CoinMarketCap

Animoca Brands did not provide detailed information about the duration or amount of the planned token purchase. Both Animoca Brands and its subsidiary TinyTap are launch partners of Open Campus. The announcement notes that Yat Siu, chairman and co-founder of Animoca Brands, and Yogev Shelly, CEO of TinyTap, serve as members of the EDU Foundation Council.

Founded in 2022, Open Campus is a blockchain-based foundation that aims to bring together educators, content developers, parents and students. In November 2023, the project raised over $3 million from Binance Labs, Binance’s venture arm. Prior to this, Open Campus also received strong support from Binance by taking part in the Launchpad crowdfunding platform. The token sale attracted great interest, with more than 9 million Binance Coins (BNB) pledged by 120,000 users.