JCB and MUFG Bank invest JPY 700m into metaverse company LOGSYS
Leading the charge in fostering the Japan Metaverse Economic Zone (JMEZ), JCB and MUFG Bank have recently undertaken a third-party allocation of shares for Logsys. In this investment, JCB and Logsys have entered into a capital business partnership agreement. Furthermore, MUFG Bank’s investment in Logsys marks an additional investment following May 2023, completing Logsys’ fundraising with a total of 700 million yen.
Equipped with the newly acquired funds, Logsys is poised to significantly progress the development of the MULTI MAGIC PASSPORT™ (MMP).
MMP serves as a Digital ID Wallet, managing qualifications and attribute data on digital devices. It allows individuals to verify their credentials in both face-to-face and remote interactions. Logsys aims to incorporate the concept of Self-Sovereign Identity (SSI), where users have control over providing data, into MMP, making it easier for users to manage their consent. Furthermore, Logsys is considering handling various data such as qualifications provided by users as verifiable data using technologies like Verifiable Credentials (VC).
In addition to the technological aspects of these digital ID wallets, through the AI Partner ID Wallet ‘MMP,’ which combines entertainment and AI partner functionalities, Logsys is committed to contributing to a better digital life support.
MMP is planned to collaborate with multiple digital spaces, including the RPG Metaverse platform ‘RYUGUKOKU®‘ provided by JP UNIVERSE, to advance JMEZ alongside Logsys. By using MMP, users can ensure the credibility of their own proofs and transactions, and gain access to various Metaverse spaces for utilization and cross-navigation.
This initiative originated in February 2023, sparked by the creation of JMEZ, leveraging a common infrastructure where Metaverses and digital contents converge. Not limited to Japan, JCB, MUFG Bank, and Logsys will continue their efforts in utilizing gaming technology for industrial digital transformation initiatives worldwide, particularly in Asia. Moving forward, they will persistently engage in businesses related to authentication, payments, data, and other necessities for the development of economic zones utilizing digital spaces.
Please follow us to read more about Finance & FinTech in Japan, like hundreds of readers do every day. We invite you to also register for our short weekly digest, the “Japan FinTech Observer”, on Medium or on LinkedIn. Our global Finance & FinTech Podcast, “eXponential Finance” is also available through its own LinkedIn newsletter, or via our Podlink.
Should you live in Tokyo, or just pass through, please also join our Tokyo FinTech Meetup. In any case, our YouTube channel and LinkedIn page are there for you as well.
