Japanese Mobile Firm NTT Docomo Plans $4B Web3 Investment
- Mobile phone operator NTT Docomo has recently decided to make a grand entry into the Web3 sector and confirmed a $4 billion Web3 fund in the giant’s earnings presentation for its 2022 fiscal year.
- The Japanese firm also revealed that it has plans of investing between ¥500-600 billion in web3 during the next five to six years in the crypto and Web3 sector.
- NTT Docomo, which serves more than 84 million subscribers in Japan, is also planning to form a Web3-focused business unit in 2023.
Renowned Japanese mobile phone operator NTT Docomo has recently decided to make a grand entry into the Web3 sector. The company said in its second quarter’s earnings report that it will invest up to $4.1 billion (¥600 billion) in the sector over the course of the next few years.
According to the mobile operating giant’s earnings presentation for its 2022 fiscal year which ends on March 31, it plans to invest between ¥500-600 billion in web3 during the next five to six years.
Moreover, NTT Docomo, which serves more than 84 million subscribers in Japan, is also planning to form a Web3-focused business unit in 2023. According to the company, the four major functions related to Web3 enablement are a Blockchain wallet, cryptocurrency exchange platform, token issuance, and security.
The plans on starting a new Web3-focused company and investment strategy by NTT Docomo were first reported by the financial publication Nikkei Asia. The report stated that the company will roll out Web3 services after the completion of infrastructure development to support wallets and cryptocurrencies.
Astar, a renowned platform for multi-chain smart contracts, and professional services behemoth Accenture will collaborate with the biggest mobile operator in Japan to create web3 technology. The mobile service provider said that by doing this, it intends to “solicit the participation and collaboration from various industries [and] businesses through [a] DAO approach.”
According to the Slide show deck, NTT Docomo also has the goal of establishing what it refers to as a “global de facto standard originating from Japan” for web3.
It is important to note that in a separate announcement, the mobile company revealed its new partnership with Accenture to focus on Web3 technology adoption for solving social issues.
The two companies will together work on three key areas: constructing case studies on social, environmental, and governance issues. This would mainly be done by providing Web3 training courses and creating a “secure technology platform” for web3 users. NTT Docomo CEO Motoyuki Ii commented on the new partnership by stating.
“Docomo, in collaboration with Accenture, will revolutionize social infrastructure by utilizing blockchain and building a safe and secure Web3 environment. We will build an environment where the power of creators and developers can come together.”
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
