Japanese telecom companies are entering the Web3 space, with a subsidiary of communications giant NTT set to launch a crypto wallet.
According to Japanese media outlet Project Design Online, NTT Digital will launch its wallet “by the end of 2024.” The company has partnered with US-based now.gg platform for the project.
The wallet is intended for business use and is called Scramberry Wallet for Business.
Japanese telecom companies are eyeing the B2B crypto market
Nippon Telegraph and Telephone (NTT) is Japan’s largest telecom provider. The NTT Digital branch is dedicated to web3 and blockchain technology.
The company said it had “reached a basic agreement with now.gg” and planned to offer features through an Application Programming Interface (API) for enterprise customers.
Source: NTT Digital/now.ggNTT Digital said it wanted to “provide users and gaming providers with more secure handling of cryptoassets.”
The company added that the wallet would also be compatible with NFTs “and other items,” and suggested that the wallet could serve the gaming sector.
NTT Digital said its new service would allow enterprise customers to “introduce wallet features into their applications and help users avoid the hassle of creating and connecting to a wallet.”
Kenichi Hamana, the CEO of NTT Digital, said the Scramberry WALLET for Business would “provide a secure gaming experience for now.gg users.”
Hamana also noted that another NTT affiliate, NTT Docomo, previously invested in the now.gg platform. The CEO added:
“Through this alliance, we aim to create further value and new business opportunities in the gaming industry.”
The now.gg platform, the developers say, “brings mobile games to the cloud and allows games to be played in a web browser.”
The US company said it has “approximately 600 million” users. It noted that the new wallet would allow its game distribution companies and other users to “securely send and receive gifts,” including NFTs.
Rosen Sharma, the CEO of now.gg, said the company was “excited to work closely with NTT Digital.”
More companies ready for the leap to Web3
Other Japanese telecom companies have also become increasingly active in this space. KDDI Corporation last year announced an investment in a Japanese Play-to-Earn token initiative.
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The same company also made a web3 “fan platform”-related financial investment in 2022.
Another major business and telecom player, Rakuten, has also launched a popular crypto exchange subsidiary. Rakuten is the parent company of Rakuten Mobile.
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NTT, meanwhile, has backed the Progmat stablecoin issuance platform. The latter is the brainchild of the banking giant Mitsubishi UFJ.