Japanese telecommunications companies are getting into web3 with a subsidiary of media giant NTT entering the crypto market.
Japanese Telecommunications Giant NTT Enters Crypto Market
According to Japanese news site Project Design Online, NTT Digital is expected to launch its wallet "by the end of 2024". The company has partnered with US-based platform now.gg for this project.
This wallet is designed for business use. It will be named Scramberry Wallet for Business.
Nippon Telegraph and Telephone (NTT) is Japan's largest telecommunications service provider. Their NTT Digital branch focuses on web3 and blockchain technology.
The company said it has "reached a basic agreement with now.gg." NTT intends to provide functions through application programming interfaces (APIs) to enterprise customers.
Safety and Security in Crypto Transactions
NTT Digital claims that it wants to "provide users and game providers with a safer and more secure way to handle crypto assets".
The crypto wallet will be compatible with NFTs and it is proposed that the wallet can serve the gaming industry.
NTT Digital said the new service will allow corporate customers to "integrate wallet functionality into their applications" thereby helping users avoid the hassle of creating and connecting to a wallet.
Kenichi Hamana - CEO of NTT Digital said:
"Scramberry Wallet for Business will provide a safe and secure gaming experience for users."
Expanding Territory: From Telecommunications to Web3
Before NTT landed in the crypto market, another NTT affiliated company - NTT Docomo previously invested in the now.gg platform. CEO added:
“Through this alliance, we look forward to creating additional value and new business opportunities in the gaming industry.”
The now.gg platform “brings mobile gaming to the cloud and enables web browser gaming.”
The American company said it has “about 600 million” users. The new wallet will allow game distribution companies and users to “safely and securely send/receive gifts” including NFTs.
Now.gg CEO Rosen Sharma said that the company is "very excited to work with NTT Digital."
Many Companies Are Ready to Jump on the Web3 Wave
Not only NTT is entering the crypto market, other Japanese telecommunications companies are also becoming increasingly active in this field. KDDI Corporation last year announced its investment in a Japanese Play-to-Earn token initiative.
The same company also made a financial investment in 2022 related to the "web3 fan platform".
Another big name in business and telecommunications - Rakuten has also launched a cryptocurrency exchange subsidiary. Rakuten is the parent company of Rakuten Mobile.
It is known that NTT has supported the Progmat stablecoin issuance platform. This is a product of banking giant Mitsubishi UFJ.