The month of August has certainly been a good one for Animoca and its subsidiaries. Just days after its NFT video game arm received an Epic grant, its Japanese arm finished a fundraising round.
As part of a $500 million valuation, Animoca Brands KK has received $45 million in funding from both Animoca, its parent company, and Mitsubishi UFJ Financial Group (MUFG), the largest bank in Japan.
Animoca in Japan
With this impressive valuation and funding round, Animoca Brands KK now intends to delve even further into the Japanese gaming sector. Given how profitable the Japanese market is for blockchain-based products like GameFi and NFTs, this is a very strategic move.
At the same time, regulations within Japan regarding blockchain assets are still unravelling. Just recently, a law was passed that imposed a 30% corporate tax on crypto-related profits, including unrealized gains.
As one would imagine, this has been fairly unpopular among the blockchain community in Japan and has even sparked discussion about firms exiting the Japanese market. But nevertheless, some remain undeterred.
Animoca, especially, has been quite aggressive about its development of blockchain-based assets and products, even inking a deal with OpenSea, the biggest NFT marketplace in the world.
Now that this funding round is completed, we can expect more projects to come out from Animoca Brands KK.
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Tokoni Uti has written extensively on blockchain and cryptocurrency for years. Her work has appeared on sites like BTCmanager and Blockchain Reporter. She has a degree in Corporate Communications.