Hong Kong-based blockchain and gaming funding firm Animoca Brands’ Japan subsidiary has raised $45 million at a pre-money valuation of $500 million, the mum or dad firm announced on August 26.

Animoca Brands KK, the Japanese subsidiary, will use the contemporary funds to safe licenses for standard mental properties, enhance inside capabilities, improve adoption of Web 3.0 to companions and assist construct the non-fungible tokens (NFTs) ecosystem in Japan, in accordance to the press launch.

The funding was made in equal elements by Animoca Brands Corporation Limited and MUFG Bank, a subsidiary of Mitsubishi UFJ Financial Group.

Animoca Brands has an intensive funding portfolio, which incorporates NFT market Opensea, blockchain gaming startups Axie Infinity, and Dapper Labs, to title just a few.

According to an announcement in March, Animoca Brands KK was contemplating collaborating with MUFG for NFT-related companies. Japan has scores of profitable anime, manga, and online game IPs, making it one of many richest locations to be for NFT companies trying to safe IPs.

However, the nation at present has a stringent tax system for cryptocurrency good points. Japanese companies are taxed at 30%, whereas people have to pay up to 55%.

The Japanese Government is considering a reduction in the tax rates subsequent yr to cease the exodus of crypto startups to extra profitable jurisdictions like Singapore. Nevertheless, an increasing number of Japanese companies are turning to NFTs.

In July, Banking large Sumitomo Mitsui Banking Corp introduced a plan to create a “Token Business Lab” to present session to institutional shoppers on NFT functions in partnership with blockchain startup HashPort. Japanese social media platform Line additionally launched its personal NFT market in April 2022.

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