Square Enix Closes $300 Million Sale of Western Studios to Bankroll Blockchain Pivot

- Advertisement -

Square Enix Closes $300 Million Sale of Western Studios to Bankroll Blockchain Pivot – Square Enix, a well-known game publishing and development company based in Japan, announced the sale of a portion of its assets earlier this week to fund new activities, including blockchain-based ventures.

Final Fantasy, Kingdom Hearts, and Dragon Quest developer Square Enix is selling its Western studios and IPs to the Embracer Group.

The $300 million agreement involves the sale of studios like Crystal Dynamics and Eidos, the makers of Tomb Raider, as well as more than 50 gaming IPs. In a news statement, the business stated the following about the sale’s goal:

“By establishing a more effective resource allocation, the deal will assist the company respond to the changing global business climate, increasing corporate value”

- Advertisement -

Also Read: Argentinian Digital Bank Brubank Includes Crypto Purchases in Its Platform

Furthermore, according to the company, this deal “allows the development of new businesses by going forward with investments in domains such as blockchain, AI, and the cloud.” The agreement intends to help with the company’s administration, as it will now be virtually exclusively made up of Japan-based development studios, with only a few minor international enterprises remaining.

This effort is intended to put into action ideas that Square Enix president Yosuke Matsuda has been publicizing since last year, when the company included blockchain as a key component of its midterm business plan.

The company is highly interested in the use of blockchain technologies to gaming and the benefits that this could have for gamers who actively participate in these experiences, according to the Executive.

Also Read: Crypto Industry Lobbies Against Bills Targeting Russian Oligarchs Evading Sanctions Using Cryptocurrency

Square Enix Closes $300 Million Sale of Western Studios to Bankroll Blockchain Pivot – On the significance of such new technologies, Matsuda stated that by using blockchain technology to incentivise game modders, more unique material can be created, implying the use of token economies in these games.

Don't miss

Bank of Spain to Launch Experimental Wholesale CBDC Digital Token Program

Bank of Spain to Launch Experimental Wholesale CBDC Digital...

Elon Musk Says Twitter Will Delete 1.5 Billion Dormant Accounts

Elon Musk Says Twitter Will Delete 1.5 Billion Dormant...

Massachusetts Senator Forwards Bill Aimed at Forcing Crypto Miners to Report Greenhouse Gas Emissions

Massachusetts Senator Forwards Bill Aimed at Forcing Crypto Miners...

Trevor Noah Bids Farewell to ‘The Daily Show’ in Emotional Final Episode Sign-Off

Trevor Noah Bids Farewell to 'The Daily Show' in...

‘Top Gun: Maverick’ Named Best Film of 2022 by National Board of Review

'Top Gun: Maverick' Named Best Film of 2022 by...

LEAVE A REPLY

Please enter your comment!
Please enter your name here