04 May 2018
Animoca Brands partners with Red Robot to make instructional gamified cryptocurrency wallet mobile app
Animoca Brands enters a 50/50 joint venture with RedRobot K.K.
Joint venture will develop, market and operate a gamified cryptocurrency wallet app with built-in tutorials and features to educate everyday consumers
Significant opportunity to gain market share in the rapidly growing cryptocurrency and blockchain wallet market
Animoca Brands leveraging capabilities in blockchain and AI technologies conferred by investment in Fuel Powered
Animoca Brands Corporation Limited (ASX:AB1, “the Company”) is pleased to announce that it has partnered with leading Japanese boutique software development and advisory firm Red Robot K.K. (“RedRobot”) to form a 50/50 joint venture to develop, market and operate a gamified multiple cryptocurrency (ERC-20/ERC-721) wallet mobile app (“the App”) for audiences with little knowledge of cryptocurrency.
A cryptocurrency wallet is an application used to store private and public keys and interact with various blockchains. Wallets are used to store and manage cryptocurrencies. Globally there has been an explosion in the number of the cryptocurrencies available to consumers. It is estimated that there are more than 1,500 different cryptocurrencies in use today with a combined market capitalisation of USD 430 billion.
The rapid rise in the number and value of these cryptocurrencies has resulted in a highly fragmented landscape that is confusing and inaccessible for many consumers. The App will target audiences who have little knowledge of cryptocurrency, and will educate users utilising principles of gamification to lower the barriers of entry to cryptocurrency trading.
The App will be multifunctional: as a mobile-based wallet, it will enable users to store, send and receive digital currencies and monitor their balances; it will also educate consumers in the handling of cryptocurrencies; finally it will offer built-in game functions to familiarize users with blockchain and cryptocurrency based systems. As players progress through the App, they will earn an in-game cryptocurrency that they can use to learn about digital currencies and related products like cryptogames and cryptocollectibles.
Animoca Brands is leveraging the capabilities in artificial intelligence and blockchain technologies that the Company gained through its investment in US-based software firm Fuel Powered, which is working on the back-end development of the App.
Yat Siu, co-founder and director of Animoca Brands, commented: “This is an exciting opportunity for us in an incredibly dynamic and promising sector. We look forward to leveraging the expertise of Red Robot as we develop an app for everyday consumers. Our goal is to demystify the fields of cryptocurrency and blockchain and render them accessible to anyone.”
About Animoca Brands
Animoca Brands (ASX: AB1) publishes globally a broad portfolio of mobile games and subscription products including several games and e-books based on popular intellectual properties such as Garfield, Thomas & Friends™, Ever After High and Doraemon. The Company is based in Hong Kong and Finland. For more information visit www.animocabrands.com or get updates by following Animoca Brands on Facebook, Twitter or Google +.
About Red Robot
RedRobot K.K. is a boutique agency that addresses both technology and creative interests alike on a global scale. We are currently working with multiple foreign clients on projects developed in whole or in part internally within our organization. We specialize in working with technology startups entering the APAC markets.