Hong Kong based Animoca Brands Corporation Ltd has entered a memorandum of understanding (MoU) with NEC Global, a Japanese multinational information technology and electronics corporation, and Gryfyn Holdings Limited, an NFT-focused Web3 company and subsidiary of Animoca Brands.
Under the MoU, the three companies will collaborate to expand the digital wallet business in the Web3 space.
Complementary remits
NEC intends to develop a Web3 society in which privacy protection and data use are compatible, and where people and data are trusted, by leveraging its world-class biometric authentication, secure computation and blockchain technologies.
As part of this initiative, NEC is aiming to expand the digital wallet market and business opportunities.
Based in Hong Kong, Animoca Brands is involved in the digital entertainment, blockchain and gamification areas.
The company has committed to advancing digital property rights for gaming and contributing to establishing the open metaverse.
Gryfyn, a subsidiary of Animoca Brands, provides a custodial crypto wallet that allows anyone anywhere to easily and safely access digital experiences, own and handle digital assets, and connect with their favourite brands.
The three companies are collectively aiming to facilitate a trustworthy Web3 society, creating and expanding the market by combining the Gryfyn-powered wallet and services with NEC’s biometric authentication technology.
Details of the MoU
The three companies have agreed to their following terms: