The investment was made in an equal amount by MUFG Bank, a branch of Mitsubishi UFJ Financial Group, and Animoca Brands Corporation Limited.
According to a statement made on August 26 by the parent company of the Hong Kong-based blockchain and gaming investment firm Animoca Brands, the Japan branch has raised $45 million at a $500 million pre-money value.
A news statement states that the Japanese affiliate, Animoca Brands KK, would utilize the extra money to license well-known intellectual assets, improve internal capabilities, encourage partners to adopt Web 3.0, and aid in the development of the non-fungible tokens (NFTs) ecosystem in Japan.
The investment was made in an equal amount by MUFG Bank, a branch of Mitsubishi UFJ Financial Group, and Animoca Brands Corporation Limited. Axie Infinity, Dapper Labs, and the NFT marketplace Opensea are just a few of the several assets in Animoca Brands’ portfolio, according to Cryptoslate.
Animoca Brands KK announced in a news release from March that it was considering collaborating with MUFG on NFT-related initiatives. Due to the presence of well-known anime, manga, and video game IPs, Japan is one of the most lucrative destinations for NFT businesses looking to gain IPs.
However, the country still has a tight taxes system in place for bitcoin income. Personal income taxes in Japan can be as high as 55%, while businesses are subject to a 30% tax.
The Japanese government is thinking of decreasing the tax rates for the upcoming year in order to stop the exodus of bitcoin businesses to more lucrative nations like Singapore. NFTs are nevertheless growing in acceptance among Japanese businesses, according to Cryptoslate.
Banking behemoth Sumitomo Mitsui Banking Corp stated in July that it will launch a “Token Business Lab” in collaboration with blockchain startup HashPort to provide institutional clients with guidance on NFT applications. The Japanese social media platform Line launched its own NFT market in April 2022.
