Home Blockchain Animoca Brands’ Japanese Unit Raises $45 Million

Animoca Brands’ Japanese Unit Raises $45 Million

0
Animoca Brands’ Japanese Unit Raises $45 Million

The Japanese unit of Animoca Brands raised $45 million in funding at a pre-money valuation of $500 million.

brands animoca_1200.jpg

The Hong Kong-based crypto-gaming and web3 company raised funds from MUFG Bank, Japan’s largest bank with a 360-year-old history.

Animoca Brands Japan planned to use the fund to “secure licenses for popular intellectual properties, build internal capabilities, and promote Web3 adoption among multiple partners, thereby increasing the value and utility of their branded content.” while promoting the development of a safe and secure NFT ecosystem in Japan.”

Although Japan is not a crypto-friendly country but imposes a 30% corporate tax on profits from cryptocurrency holdings, the island nation is full of anime, manga, video games, movies and musicians, which could be turned into non-fungibles. token services (NFT) looking for IP addresses.

However, tech companies in Japan have opened up to NFTs. Line launched its NFT marketplace in Japan in April, a plan that was announced last year.

Line users in Japan can now store their NFTs in their Line-powered digital asset wallet and trade them with friends.

According to a Blockchain.News report, Animoca Brands announcement by mid-July that it had raised $75 million in a funding round.

Investors backed the digital entertainment, blockchain and gamification company at a subscription price of A$4.50 per share for a total of 23,237,058 new shares, according to fundraising details.

The report added that the funding round places Animoca Brands at a pre-money valuation of $5.9 billion enlisting high profile investors including Liberty City Ventures, Kingsway Capital, Alpha Wave Ventures, 10T, SG Spring Limited Partnership Fund, Generation Highway Ltd, Cosmic Summit Investments Limited, and others.

The funding round is an extension of the $358 million the company received in January, as its valuation remained pegged at $5 billion at the time.

Image source: Shutterstock

LEAVE A REPLY

Please enter your comment!
Please enter your name here