Deepti Sri · · 1 min readAnimoca Brands, Mitsui team up for Web3 boost in Japan
Photo credit: Animoca Brands
Animoca Brands has partnered with Japan-based trading firm Mitsui to create a new Web3 business in Japan.
Apart from investing in Animoca, Mitsui will provide the blockchain firm with access to its assets – ranging from industrial to consumer businesses – as well as its partner and customer networks.
The pair will develop joint ventures and collaborative businesses, focusing on using blockchain for applications including wellness and decarbonization.
Animoca is the gaming company behind titles such as The Sandbox and Revv. It’s also an investor in NFT major OpenSea and decentralized autonomous organization Yield Guild Games.
The Hong Kong-based firm’s recent partnerships include making a Web3 mobile game with martial arts major One Championship as well as bringing and producing titles in the Middle East and North Africa region with Saudi Arabia’s STC Play.
See also: Animoca’s meteoric rise from zombie to $5b Web3 empire
Animoca recently said it’s sitting on a “financially strong” position, having a cash and stablecoin balance of US$194 million as of April-end. The firm also reported that its deferred revenue stood at US$27.9 million for the financial year of 2020.
Editing by Miguel Cordon and Dhania Putri Sarahtika
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