Venture capital company Animoca Brand has inked a memorandum of understanding (MoU) with Tokyo-headquartered trading giant Mitsui for a strategic partnership targeted towards creating a new venture.
The alliance which was also confirmed by Mitsui involves a strategic investment whose value was not disclosed by both entities. The focus of the partnership is to upscale Web 3.0 innovation in the Japanese market.
Mitsui and Animoca Brands Brings Expertise Onboard
Mitsui’s extensive assets which range from industrial businesses to consumer businesses as well as Animoca Brands’ Web 3.0 will be leveraged in the new venture.
Also, Mitsui will bring onboard its vast experience and expertise in different sectors to proffer valuable business insights in addition to its global network of partners. Over time, the Japanese firm has shown commitment to adopting digital transformation in its business strategy, and also positioning itself at the forefront of innovation.
Animoca Brands is already providing businesses with practical Web 3.0 initiatives and would do the same in this newly formed alliance based on the use of digital assets and blockchain technology. The Web3.0 leader has investments in more than 450 companies across different industries including Web3 protocols, infrastructure, blockchain gaming, and the metaverse.
Progressive Collaborations After Now
In the long run, both companies plan to collaborate to provide solutions for societal issues, hence they are looking to develop this strategic partnership through “collaborative businesses and the establishment of joint ventures in diverse fields, including the application of blockchain technology in wellness and decarbonization/carbon credits.”
Japan PM Approves Web3.0 Whitepaper
This partnership news comes at a time when there is a heightened interest in the Web 3.0 ecosystem in Japan.
Both the Japanese government and the Japan Business Federation are calling for the adoption of Web 3.0 as a national strategy. Fumio Kishida, Japan’s Prime Minister, approved a Web 3.0 whitepaper two months ago. The white paper includes a proposal for a crypto visa to attract talented professionals and expand the country’s startup visa program.
Additionally, the whitepaper which was published by the Liberal Democratic Party highlighted the utilization of digital assets among citizens. The nomination of a Web 3.0 minister was also discussed.