Hong Kong-based blockchain video gaming unicorn Animoca Brands is planning a major push into the Middle East after the Hong Kong government recently sought closer ties to the region, as the company continues to make big bets on Web3 start-ups amid cooling enthusiasm in the industry.

The firm, whose investors include Sequoia China and Singapore’s state fund Temasek Holdings, is looking to put “significant investment” into the Middle East valued “in the tens of millions of dollars”, co-founder and executive chairman Yat Siu told the South China Morning Post in an interview on Tuesday.

The Middle East’s emerging markets offer Animoca great opportunities given the region’s crypto-friendly regulations, strong gaming culture, and young population, Siu said.