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HomeTechnologyAnimoca Brands Japan raises $45 million to boost its Web3 business

Animoca Brands Japan raises $45 million to boost its Web3 business

On August 26, Animoca Brands Japan, a subsidiary of Animoca Brands Corporation, an Asian crypto gaming and Web3 investing behemoth, announced a $45 million investment at a $500 million valuation. The main investors were MUFG Bank, Japan’s largest bank with a 360-year history, and parent company Animoca Brands Corporation Limited, as the Japanese government tightens laws on the crypto industry.

Animoca Brands Japan, whose parent company has invested in the world’s largest NFT platform, OpenSea, intends to use the new funds to “secure licences for popular intellectual property rights, develop internal capabilities, and promote Web3 adoption across multiple partners to… increase the value and utility of their branded content while promoting the development of a safe NFT ecosystem in Japan.”

Japan isn’t exactly a crypto-friendly country. It now pays a 30% corporate tax on earnings from cryptocurrency holdings, including unrealized gains, a regulation that has resulted in a blockchain brain drain and calls for reduced tax rates from local crypto businesses.

NFTs have gained favour among domestic IT enterprises in Japan. The NFT marketplace, which Line had planned to start in Japan in April, finally did. This development was anticipated because the Japanese messaging behemoth has previously generated millions of dollars from sticker sales and promoted a few sticker collections. The 90 million users of Line, a social media app, can now store and sell NFTs using their Line-powered digital asset wallet.

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