Animoca Brands, a company engaged in the gaming, metaverse and blockchain industries, has signed a memorandum of understanding with Mitsui & Co.

As part of the partnership, Mitsui will make an undisclosed investment in Hong Kong-based Animoca Brands.

Mitsui, a unit of Japanese conglomerate Mitsui Group, and Animoca Brands aim to develop new businesses to facilitate the uptake of Web3 in the Japanese market.

“Looking ahead, Mitsui and Animoca Brands aim to create a new business that contributes to innovation and the uptake of Web3, especially in Japan, by utilising Mitsui’s extensive assets ranging from industrial businesses to consumer businesses, as well as its extensive partner and customer networks,” Mitsui’s statement read.

Built on public blockchain technology, Web3 is a decentralised next-generation version of the internet that aims to build secure and open systems, the companies explained.

Animoca Brands is claimed to be one of the top Web3 companies in the world.

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In addition to offering useful Web3 business initiatives based on the use of digital assets and blockchain technology, it has also developed its distinctive ecosystem by investing in over 450 businesses across a variety of sectors, including suppliers of Web3-based services such as Web3 protocols, infrastructure, blockchain gaming, and metaverse players.

Building on the strategic alliance, the companies will collaborate to address societal issues by developing new businesses and setting up joint ventures in areas such as the use of blockchain technology in wellness and decarbonisation/carbon credits.

In September 2022, Animoca Brands raised $110m in funding from the issuance of convertible notes.