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.
"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.