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

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

Animoca Brands, the crypto venture firm behind The Sandbox, Eden Games, and other blockchain games, announced its intention to acquire more Open Campus (EDU) tokens from the open market in an effort to underscore its support for the EDU Foundation.

In a blog announcement on May 22, the Hong Kong-based firm said that with the buyout it wants to support the upcoming EDU Chain, a layer-3 blockchain solution designed to serve the global education industry. Following the news, EDU price soared to $0.8, gaining in a moment around 35%.

Animoca Brands didn’t provide details on the duration or quantity of the planned token purchase. Both Animoca Brands and its subsidiary, TinyTap, are launch partners of Open Campus. Yat Siu, Animoca Brands’ executive chairman and co-founder, and Yogev Shelly, TinyTap’s CEO, serve as members of the EDU Foundation Council, the announcement reads.

Founded in 2022, Open Campus is a blockchain-based foundation aimed at bringing together educators, content developers, parents, and students. In November 2023, the project raised over $3 million from Binance‘s venture arm Binance Labs. Prior to that, Open Campus also received strong backing from Binance, appearing on its Launchpad crowdfunding platform. The token sale drew substantial interest, with over 9 million Binance Coin (BNB) pledged by 120,000 users.