Mitsui & Co Ltd, a prominent trading conglomerate based in Tokyo, has signed a memorandum of understanding with Hong Kong-based Animoca Brands to drive the adoption of Web3 technology in Japan.
The main objective of this strategic partnership is to explore new business opportunities through strategic investments and focus on the development of Web3 technology in Japan.
The Japanese government and the Japan Business Federation have also expressed a growing interest in the adoption of Web3 technology as part of their national economic agenda.
With the support of government policies related to cryptocurrencies, Mitsui and Animoca Brands aim to establish infrastructure for various applications, such as wellness and decarbonization.
Mitsui has already entered the digital assets space through the tokenization of fractionalized real estate, and this collaboration with Animoca Brands will further strengthen its presence in the Web3 industry.
Animoca Brands, known as a leading Web3 company in Asia, has made significant investments in over 450 Web3 companies, including well-known projects like Axie Infinity, OpenSea, and NBA Top Shot.
Due to increased regulatory scrutiny in the United States, Animoca Brands has been expanding its operations in crypto-friendly markets, particularly in Eastern Asia. The company also received a strategic investment of $22.5 million from MUFG, Japan’s largest bank.
Kenichi Hori, President and CEO of Mitsui, remains optimistic about the growth of Web3 technology in Japan and the adoption of blockchain technology overall. Mitsui’s stock market performance reflects this confidence, with an 85 percent increase last year and a further 49 percent increase this year.
In addition, the relationship between American and Japanese tech companies continues to strengthen, as demonstrated by Berkshire Hathaway’s announcement of a stake in Mitsui and other companies. Berkshire Hathaway’s CEO and Chairman, Warren Buffett, believes that the Japanese stock market is undervalued.
Overall, analysts are positive about Mitsui’s future, with an average rating for the company that values it at ¥8.23 trillion.
Compiled by Coinbold