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Gumi collaborates with SBI Holdings and Square Enix

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Joyashree Dey Follow

INDIA

Jan, 01 2023

Jan, 01 2023

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Gumi, a Japanese mobile game developer, has collaborated with Square Enix and SBI Holdings to develop new business opportunities focused on the metaverse.


SBI Holdings would get new shares worth $52.7 million in consideration for the arrangement, giving it the company's largest shareholder with a 22.46% interest. Square Enix will have a meager 3.01% holding, per regulatory records.


Gumi claimed that the money raised would be used to create this new metaverse company "at an even faster rate than ever before," with the metaverse as its target market.


This transition toward digital immersive entertainment and the metaverse is crucial for the company's future. "The group is working day and night to make the metaverse industry a second earnings pillar in addition to the mobile online game business, which is the current mainstay of earnings," Gumi said in a press release outlining the alliance's goals.


In order to list the tokens it plans to distribute as part of its long-term gaming strategy, Gumi seeks to use this strategic relationship to build a platform. The majority of Bitpoint, a cryptocurrency exchange, was acquired by SBI Holdings as part of a takeover operation that was carried out back in May. With the roughly $100 million contract, SBI will be able to offer tokens used in video games created by Gumi.


The company deemed this advancement to be necessary because domestic consumers find it "inconvenient" as the majority of tokens issued in these types of games are traded on foreign platforms. In the same manner, Gumi would offer security tokens backed by these games to SBI consumers.


Gumi also plans to use Square Enix's experience in game development, distribution and publishing to promote its own blockchain gaming platform, which features an NFT marketplace.


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Joyashree Dey

CBW - External Analyst

INDIA

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