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Mitsui Allies with Animoca Brands to Propel Web3 Adoption in Japan

Mitsui & Co. and Animoca Brands form a partnership aimed at boosting the use of Web3 technology in Japan, paving the way for blockchain-powered solutions across various sectors.

Mitsui & Co. Partners with Animoca Brands to Boost Web3 Adoption

In a strategic move designed to spearhead the adoption of Web3 in Japan, Animoca Brands, a leader in the gaming, metaverse, and blockchain arenas, has penned a memorandum of understanding with Mitsui & Co., a division of the renowned Japanese conglomerate Mitsui Group. This partnership will be fuelled by an undisclosed investment from Mitsui into the Hong Kong-based firm, Animoca Brands.

With a shared vision of fostering new businesses and driving Web3 uptake in the Japanese market, Mitsui and Animoca Brands are embarking on a remarkable journey. As per Mitsui's statement, the duo aspires to leverage Mitsui's wide-ranging assets across industrial and consumer businesses, as well as its broad partner and customer networks, to birth new businesses that can contribute to innovation and the popularization of Web3, especially in Japan.

Web3, underpinned by public blockchain technology, is a decentralized successor of the internet. It is designed to construct secure and open systems, paving the way for a more transparent digital future. Animoca Brands has established itself as a top-tier global player in the Web3 domain.

Beyond providing practical Web3 business initiatives leveraging digital assets and blockchain technology, Animoca Brands has also sculpted a unique ecosystem. This includes investments in over 450 businesses spanning a myriad of sectors, like providers of Web3-based services, Web3 protocols, infrastructure, blockchain gaming, and metaverse participants.

As part of their strategic alliance, Mitsui and Animoca Brands will cooperate to tackle societal challenges by developing new businesses and initiating joint ventures in various areas. These include the use of blockchain technology in wellness, decarbonisation, and carbon credits, presenting innovative solutions to pressing global issues.

Animoca Brands raised a substantial $110 million in funding from the issuance of convertible notes in September 2022, solidifying its position as a pioneer in the blockchain industry. This new partnership with Mitsui & Co. promises to further bolster their standing and help transform Japan's digital landscape.