SBI And Gaming Firm Square Enix Has Partnered For A Crypto Gaming Deal

Key Points:

• SBI has announced a merger and acquisition with Square Enix.

• The overall cost of the transaction is approximately $53 million.

• Gumi may be Square Enix’s first tentative step into space.

Japanese securities, banking, and cryptocurrency giant SBI has announced a merger and acquisition with Square Enix, a gaming company listed on the Tokyo Stock Exchange. Companies have agreed to purchase shares in Gumi, a promising crypto and blockchain game startup.

The total value of the purchase is roughly $53 million, and both SBI and Square Enix intend to make substantial strides in the crypto and blockchain gaming market as a result. According to a news release, SBI planned to combine Gumi’s game development and operational know-how with its own token listing expertise. Both exchanges are owned by SBI. The company further stated that it would use SBI NFT as a secondary distribution market for NFTs obtained from Gumi-created games.

The Tokyo-based gaming company Gumi announced the agreement in a press release, detailing how the acquisition would make SBI the company’s largest stakeholder with 22.46% of the company’s voting rights. Due to their investment, Square Enix now owns 3.01% of the company. Among Square Enix’s many accomplishments are the video game series Final Fantasy and Dragon Quest.

Square Enix predicted earlier this year that it would “not be enough” to continue putting its emphasis on traditional gaming to ensure its future success. User-generated content like non-fungible tokens (NFTs) and play-to-earn crypto games were mentioned as potential additions to the company’s future revenue models. Gumi could be Square Enix’s first hesitant step into space.

A “platform dedicated to blockchain games” is something that SBI is “thinking” launching. It claimed that through “collaboration,” it could build a one-stop solution in the gaming industry, wherein blockchain games could be created, distributed, and sold, in addition to new forms of digital currency.

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