Animoca Brands KK, a Japanese subsidiary of video gaming behemoth and Web3 investment powerhouse Animoca Brands, has amassed $45 million in financing at a $500 million pre-money valuation.
In an August 26 blog post, Animoca Brand KK confirmed the successful financing that has raised $45 million. The recent funding saw the participation of its parent firm Animoca Brands and Mitsubishi UFJ Finacial Group (MUFG).
We are pleased to announce that @Animocabrandskk, our Japanese subsidiary, today announced a raise of US$45M from @mufgbk_official and Animoca Brands Corporation Limited valuing the company at approximately US$500M (pre-money).
— Animoca Brands (@animocabrands) August 26, 2022
It’s worth noting that the recent funding comes a few weeks after the Japanese financial regulator imposed new tax policies last month. These amendments included a 30% corporate tax on the profits from crypto holding, including unrealized gains.
Tech Firms Invest Amid Crypto Meltdown
Nonetheless, Animoca Brands and MUFG prove the point that despite the recent general crypto market meltdown alongside newly imposed crypto regulations, a few groups are increasing their stakes.
Founded over 360 years ago, MUFG is one of the world’s leading financial groups. MUFG has more than 2,400 branches in more than 50 countries. The global financial group offers commercial banking, trust banking, securities, and asset management.
On the other hand, Animoca Brands is a global video gaming software developer and an investment powerhouse. Animoca Brands now has stakes in most of the world’s largest and most successful NFT businesses, including OpenSea. Its Japanese subsidiary will use the secured funds to secure licenses for its popular intellectual properties, develop internal capabilities and promote the adoption of Web 3 to multiple partners.
Moreover, Animoca Brand KK also anticipates increasing the value and utility of its branded content while fostering the development of a safe and secure non-fungible token (NFT) ecosystem in Japan.
More Tech Firms Invest In Japan
Since the beginning of this year, many domestic techs have been staking the Japanese NFT market. Earlier this year, a social media messaging giant, Line, launched its NFT marketplace in Japan.
Line hinted about the development plan in 2021 after reaping millions of dollars from sticker sales. Its more than 90 million users in Japan can now store or trade NFTs with friends in their Line-powered NFT marketplace.
Tamadoge is another metaverse and play-to-earn (P2E) platform, making headlines despite the general crypto market downturn. Remarkably, Tamadoge has already raised over $8.5 million, with less than 40% of its presale token left.
Tamadoge - The Play to Earn Dogecoin
- '10x - 50x Potential' - CNBC Report
- Deflationary, Low Supply - 2 Billion
- Listed on Bybit, OKX, Bitmart, LBank, MEXC, Uniswap
- Move to Earn, Metaverse Integration on Roadmap
- NFT Doge Pets - Potential for Mass Adoption