Animoca Brands, the web3 investment firm, has ramped up efforts to pitch an in-house market making service to startups in its vast portfolio.

The Hong Kong-based company has in recent months presented those market making capabilities to some of the more than 400 projects it has backed, in an apparent push to get more projects using the service, according to four people familiar with the matter. 

That puts Animoca — to date predominantly focused on investing in, building and advising web3 projects — in competition with specialist market makers, such as GSR, Wintermute and Keyrock. 

Animoca offers the market making service through an in-house Digital Asset Team, which was set up in early 2022 and is today made up of ten employees, according to a spokesperson for the company. …