- They will develop blockchain technology in Japan
- And will cover different areas from enterprises to social applications
- The amount of investment is not disclosed
Blockchain game developer Animoca Brands signed strategic partnership with Mitsui. They will jointly build the Web3 infrastructure in Japan.
Mitsui & Co. – one of the five largest trading companies in Japan with a market capitalization of 8.6 trillion yen. The company achieved record earnings last year thanks to a significant depreciation of the yen, a stronger dollar and higher prices for natural gas, crude oil and other sources.
As part of the partnership, Mitsui will provide Animoca Brands with investments, access to its large-scale infrastructure (from industrial to consumer enterprises) and a base of counterparties.
New partners will develop joint ventures and projects based on blockchain and WEB3. These will be social projects, applications in the field of health, ecology, and so on.
Animoca recently reported a “strong financial position”. Their balance of cash and stablecoins reached $194 million as of the end of April. The firm also reported deferred 2020 revenue of $27.9 million.
Animoca Brands recently announced that it would be reducing its presence in the US and looking for more loyal markets. Japan in this regard will be a fertile environment. Local authorities have approved the Web3 industry development strategy and are ready to invest.