Animoca Brands Corporation Ltd has signed a memorandum of understanding for a strategic partnership with Mitsui & Co., Ltd. through a strategic investment.
Mitsui and Animoca Brands aim to create a new business that contributes to innovation and the uptake of Web3 in the Japanese market, by utilizing Mitsui’s extensive assets ranging from industrial businesses to consumer businesses, as well as its extensive partner and customer networks.
Web3 as a national strategy
Web3 is a decentralized next-generation iteration of the internet based on the use of public blockchain technology to create systems that are both highly secure and universally accessible.
There is intense interest in this industry in Japan; the Japanese government and the Japan Business Federation (Keidanren) are calling for the adoption of Web3 as a national strategy.
As one of the largest Japanese trading companies, Mitsui has acquired diverse business development expertise and built up global business networks through business development and investment in various industrial fields spanning many years.
It has also prioritized business innovation through digital transformation.
Unique Web3 ecosystem
Headquartered in Hong Kong, Animoca Brands is providing practical Web3 business initiatives based on the use of digital assets and blockchain technology.
It has also built its own unique ecosystem through investment in over 450 companies across a wide spectrum of industries, including providers of Web3-based services ranging from Web3 protocols, infrastructure, to blockchain gaming and metaverse players.
Looking ahead, Mitsui and Animoca Brands will work together to provide solutions for societal issues by accelerating the development of their strategic partnership, such as through the development of collaborative businesses and the establishment of joint ventures in diverse fields, including the application of blockchain technology in wellness and decarbonization/carbon credits.