Japanese Brand Animoca Raises $45 Million For Its Web3 Venture

Japanese gaming brand Animoca raises $45 million from MUFG Bank

Animoca Brand announced today that it has received $45 million from Mitsubishi UFJ Bank.

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These funds will be used by the Animoca brand to expand their business in Web3.

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With technical assistance from HashPort and behemoth Sumitomo Mitsui stated in July that it intends to establish a "Token Business Lab".

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The lab will offer consultancy to institutional customers interested in NFT applications.

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Animoca Brands Japan will use this fund to secure licenses for popular intellectual properties, develop internal capabilities, and promote the adoption of Web3 to multiple partners.

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Japan is still a top destination for NFT services where NFTs have also gained grip among domestic tech companies.

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As per the current regulations in Japan, crypto profits are taxed at 30%.

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