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Japanese crypto firms team up to form a metaverse association

December 10, 2021

Reading Time: 2 minutes

Four companies in the blockchain technology and crypto-asset businesses have come together to establish the Japan Metaverse Association (JMA).

The firms are virtual currency trading exchange FXcoin, crypto wallet provider Ginco, digital asset management firm Coinbest, and crypto-asset investment solutions provider Intelligence Unit.

JMA to Help Japan Lead the Field of Metaverse Technology

The association aims to promote metaverse technology in Japan and help the country become a forerunner in the race toward the metaverse. JMA intends to achieve this by using the platform to serve information exchange and creating synergy among companies and individuals involved in the business of metaverse.

According to the official post, the metaverse association will establish its impact beyond Japan. It plans to deliver crucial information related to Metaverse to global cryptocurrency organizations. The goal is for these organizations to improve the concept by delivering core insights.

The representative of the Japan Metaverse Association Tomoo Onishi stated that blockchain and NFT (Non-Fungible Token) are a crucial part of the metaverse. The metaverse association, according to Onishi, intends to actively communicate with and gather information from related parties in Japan and abroad. Japan is on its way to the leading country in the field of metaverse technology.

Metaverse Technology Gaining Momentum in Japan

The concept of Metaverse technology in Japan has been gaining momentum recently. A Tokyo-based virtual reality company HIKKY raised $57 million in November for a project to expand its metaverse operations. HIKKY partnered with mobile phone operator NTT Docomo to see the fulfillment of this project.

Another news organization company Mogura, a news organization dedicated to virtual reality, also is looking in the direction of metaverse technology. Mogura held a webinar earlier in November on the concept. The webinar was aimed at attracting more investors and partners from abroad to the local metaverse industry.

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