- They will develop blockchain technology in Japan
- And will cover areas ranging from businesses to social applications
- The amount invested was not disclosed
Blockchain game developer Animoca Brands has signed a strategic partnership with Mitsui. They will jointly build Web3 infrastructure in Japan.
Mitsui & Co.. – one of Japan’s five largest trading companies with a market capitalization of 8.6 trillion yen. The company achieved record revenue last year thanks to a significantly depreciating yen, a stronger dollar and rising prices for natural gas, crude oil and other sources.
In the partnership, Mitsui will give Animoca Brands investment, access to its massive infrastructure (from industrial to consumer businesses) and a counterparty base.
The new partners will develop joint ventures and projects based on blockchain and WEB3. These will be social projects, health, environmental applications, and so on.
Animoca recently reported a “strong financial position.”. Their cash and stabelcoin balance reached $194 million at the end of April. The firm also reported $27.9 million in deferred revenue for 2020.
Animoca Brands recently said it will reduce its presence in the U.S. and look for more loyal markets. Japan will be a fertile environment in this regard. The local government has endorsed the Web3 industry strategy and is ready to invest.