Monday, 07 May 2018 00:09

Animoca joint venture with Red Robot to develop cryptowallet app Featured

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Australian-listed blockchain focused game developer and publisher, Animoca Brands, has announced a joint venture to develop a cryptowallet application aimed at “educated everyday users” with little knowledge of digital currencies.

According to Animoca (ASX:AB1), the app, which is being developed in conjunction with Red Robot KK, a Japanese boutique software development and advisory firm, will be a multinational, mobile-based wallet.

And Animoca says the mobile-based wallet will enable users to store, send and receive digital currencies, as well as monitor balances.

The company says the mobile wallet will also aim to educate consumers through built-in game functions, familiarising users with blockchain and cryptocurrency based systems – and as players progress through the app, they will earn an in-game cryptocurrency that they can use to learn about digital currencies and related products like cryptogames and cryptocollectibles.

Yat Siu, co-founder and director of Animoca Brands, said: “This is an exciting opportunity for us in an incredibly dynamic and promising sector.

"We look forward to leveraging the expertise of Red Robot as we develop an app for everyday consumers.

"Our goal is to demystify the fields of cryptocurrency and blockchain and render them accessible to anyone.”

According to Animoca, globally there has been an explosion in the number of  cryptocurrencies available to consumers and it is estimated that there are more than 1500 different cryptocurrencies in use today with a combined market capitalisation of US$430 billion.  

Animoca says the rapid rise in the number and value of these cryptocurrencies has resulted in a highly fragmented landscape that is confusing and inaccessible for many consumers.

And the cryptowallet app is designed to target audiences who have little knowledge of cryptocurrency, and to educate users utilising principles of gamification to lower the barriers of entry to cryptocurrency trading.

Animoca is leveraging the capabilities in artificial intelligence and blockchain technologies that it says it gained through its investment in US-based software firm Fuel Powered, which is working on the back-end development of the app.

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Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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