Gumi, Japan’s video game publisher, has launched a $30 million fund named ‘Gumi Cryptos’, as reported by VentureBeat today. Gumi was launched in 2012 under CEO Hironao Kunimitsu and belongs to the parent company Gumi Inc. The platform creates games for iOS, Android & Amazon including Brave Frontier, Final Fantasy Brave EXVIUS and Phantom of the Kill.
In an interview with GamesBeat, Miko Matsumura, who is leading this initiative along with Kunimitsu, said, “We’ll be bringing startups from outside of Japan to the Japanese market. We like early stage. We invest in equity or tokens. We like financial services. We like game technologies, and we believe there is a strong connection between gaming and crypto.”
Gumi Cryptos has already funded startups such as stable cryptocurrency Basis, sharing economy marketplace Origin Protocol, video game company Robot Cache and sweepstakes platform Pryze.
Kunimitsu said that this fund will help them support “early-stage blockchain and cryptocurrency startups”. He also added that Gumi Cryptos consists of members who are well-informed in the field of this new technology. Matsumura added that startups usually struggle to enter and successfully operate in Japan, which is why the fund will fill an important gap in the crypto sector.
Law firm White & Case handled the legal agreements for Gumi Cryptos and will continue to do so in the future. Talking about hacking attacks in companies such as Mt. Gox and Coincheck, Matsumura said, “The pendulum as you described is swinging toward more regulation. It is influenced by what has happened, like Mt. Gox. That was wow, cataclysmic …The regulators are more active, but in the long run, Japan is embracing the phenomenal growth of cryptocurrency and blockchain.”
While the crypto world is filled with various ICO scams, he added that there is a lot of potential for blockchain startups. “The genie is out of the bottle. There is no going back,” concluded Matsumura.
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