Japanese Telecoms Companies Go Crypto: NTT Subsidiary to Launch Crypto Wallet

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Tim Alper

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Tim Alper

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Tim Alper is a British journalist and features writer who has worked at Cryptonews.com since 2018. He has written for media outlets such as the BBC, the Guardian, and Chosun Ilbo. He has also worked...

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March 20, 2024

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Japanese telecoms companies are moving into the web3 space, with a subsidiary of the communications giant NTT set to launch a crypto wallet.

Per the Japanese media outlet Project Design Online, NTT Digital will launch its wallet “by the end of 2024.” The company has partnered on the project with the US-based now.gg platform.

The wallet is intended for corporate use, and will be named the Scramberry Wallet for Business.

Japanese Telecoms Companies Eye B2B Crypto Market

Nippon Telegraph and Telephone (NTT) is Japan’s biggest telecoms provider. Its NTT Digital arm is dedicated to web3 and blockchain technology.

The firm said it had “reached a basic agreement with now.gg,” and planned to provide functions via an Application Programming Interface (API) for corporate customers.

NTT Digital said that it wanted to “provide users and game providers with a safer and more secure handling of cryptoassets.”

The firm added that the crypto wallet would also be compatible with NFTs “and other items,” and suggested that the wallet could serve the gaming sector.

NTT Digital said its new service would let corporate customers “introduce wallet functions into their applications and helps users avoid the hassle of creating and connecting to a wallet.”

Kenichi Hamana, the NTT Digital CEO, said the Scramberry WALLET for Business would “offer a safe and secure gaming experience to now.gg users.”

Hamana also noted that another NTT affiliate, NTT Docomo, has previously invested in the now.gg platform. The CEO added:

“Through this alliance, we aim to create further value and new business opportunities in the gaming industry.”

The now.gg platform, its developers say, “brings mobile games to the cloud and allows games to be played on a web browser.”

The US firm said it has “approximately 600 million” users. It noted that the new wallet would let its game distribution companies and other users “safely and securely send and receive gifts” including NFTs.

Rosen Sharma, the now.gg CEO, said the company was “excited to work closely with NTT Digital.”

More Firms Ready to Take Web3 Plunge

Other Japanese telecoms companies have also become increasingly active in the space. KDDI Corporation last year announced an investment in a Japanese Play-to-Earn token initiative.

Japan’s exports grew for a third consecutive month on the back of robust shipments of vehicles, offering support for the economy https://t.co/mJWpEgWHv6

— Bloomberg Markets (@markets) March 21, 2024

The same firm also made a web3 “fan platform”-related financial investment in 2022.

Another major business and telecoms player, Rakuten, has also launched a popular crypto exchange subsidiary. Rakuten is the parent company of Rakuten Mobile.

Most Japan firms expect BOJ to increase rates towards 0.25% this year https://t.co/78CFDZ7uK1 pic.twitter.com/Hf7ZkMs0so

— Reuters (@Reuters) March 21, 2024

NTT, meanwhile, has backed the Progmat stablecoin issuance platform. The latter is the brainchild of the banking behemoth Mitsubishi UFJ.