Animoca Brands’ Japan unit raises $45M at $500M valuation for NFT push
Asia’s crypto games and web3 investment powerhouse Animoca Brands is making inroads into Japan as its local unit picks up $45 million in financing at a $500 million pre-money valuation. The investment, which was shelled out equally by the parent firm Animoca Brands and MUFG Bank.
Japan isn’t the most crypto-friendly country. Currently, it imposes a 30% corporate tax on profit from cryptocurrency holdings, including unrealized gains, a policy that has triggered a blockchain brain drain and pleas by local crypto startups to lower tax rates. Japan’s domestic tech companies have been warming to NFTs as well. In April, Line launched its NFT marketplace in Japan, a plan that was announced last year.
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