Shadine Taufik · · 1 min readJapan’s NTT Docomo to set up $4b Web3-focused firm
Japanese mobile operator giant NTT Docomo has set aside between 500 billion yen and 600 billion yen (between US$3.4 billion and US$4 billion) to invest in Web3 tech, Nikkei Asia reported.
It will use the funds to set up a company that will develop blockchain-centered solutions, a source told Nikkei Asia. It will begin operating in 2023.
The development is not NTT Docomo’s first Web3 push. Earlier this year, the firm announced that it had opened up a unit dedicated to the metaverse. Qonoq was last said to have 200 staff.
With a budget of US$412 million, Qonoq is focused on several functions, including the creation of metaverse experiences through XR World as well as virtual concert channel Matrix Stream. It is also allowing businesses to set up “digital twins” in this virtual reality, and it is developing hardware to make its metaverse experiences more immersive.
See also: Meet the 50 top-funded startups and tech companies in Japan
Currency converted from Japanese yen to US dollars: US$1 = 146.71 yen.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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