Blockchain Investment Fund Launched By Mobile Game Maker Gumibr>
Japanese mobile game publisher Gumi is launching a $30 million investment fund focused on cryptocurrencies and blockchain.
Gumi develops, operates, and distributes online games for smartphones and tablets in Japan and internationally. It creates games for iOS, Android and Amazon, including titles such as Brave Frontier and Final Fantasy. Founded in 2007, the company has expanded from one office in Tokyo to multiple subsidiaries across Asia, Europe and North America.
The new investment fund, dubbed Gumi Cryptos, is being led by Hironao Kunimitsu, founder and CEO of Gumi, and Miko Matsumura, founder of US-based crypto exchange Evercoin. Global law firm White & Case negotiated the joint venture arrangements between the partners.
“We’ll be bringing startups from outside of Japan to the Japanese market,” Matsumura said in an interview with GamesBeat. “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.”
The Gumi Cryptos fund will invest between $250,000 to $1 million in early stage blockchain projects in any sector. Given that the Japanese market is notoriously difficult to understand and access, the fund will essentially help simplify the process. It has already funded startups such as stable cryptocurrency Basis, sharing economy marketplace Origin Protocol, video game company Robot Cache and sweepstakes platform Pryze.
“We decided to create a fund that enables us to engage more directly with early-stage blockchain and cryptocurrency startups, in order to be more effective partners and have a real impact in the market,” said Kunimitsu. “Our team brings tremendous expertise in emerging technology, and with Gumi Cryptos, we can truly partner with these companies as they achieve amazing results for all stakeholders.”