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Jonas Saeed, Serial Entrepreneur, joins the Advisory Board and board of directors for The CanCoin Project

STOCKHOLM — April 25, 2022 — The CanCoin is a legal token designed to address friction and monetization issues in the growing legal...

Kitchen Culture’s business transformation at risk – funds raised not accounted for

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SINGAPORE, Apr 21, 2022 - (ACN Newswire) - As the single largest shareholder of Kitchen Culture Holdings Ltd. ("Kitchen Culture") with a 21.19% stake, OOWAY Group Ltd. ("OOWAY Group" or the "Group") shares the frustration of many shareholders who raised concerns over matters of internal controls and governance ahead of Kitchen Culture's recent Annual General Meeting held on 18 March 2022.

We are deeply disappointed by the findings of Baker Tilly Consulting (Singapore) Pte. Ltd.'s ("BTC") latest report which confirm our worst fears regarding the shocking matters of concern which were first revealed in June 2021 after Kitchen Culture's Audit Committee engaged BTC to review its internal controls.

In August 2020, Kitchen Culture entered into a sale and purchase agreement and a shareholder's agreement with OOWAY Group to acquire a 30% equity stake in OOWAY Technology Pte. Ltd. ("OOWAY Technology") at a purchase consideration of S$23.92 million (the "Purchase Consideration") to be satisfied by way of the allotment and issue of 90,000,000 new ordinary shares in the capital of Kitchen Culture at an issue price of S$0.2658 per ordinary share ("Acquisition").

Mr Liu Yanlong, representative for OOWAY Group, said, "We welcomed Kitchen Culture as a strategic investor in OOWAY Technology given the mutual benefits of the acquisition, which was in line with Kitchen Culture's diversification strategy and OOWAY Group's expansion in the ASEAN region. OOWAY Group provided an opportunity for Kitchen Culture to leverage our network and capabilities, as well as to participate in the significant growth potential of Big Data analytics and Artificial Intelligence."

Kitchen Culture's diversification strategy was crucial as it had long suffered from recurring losses and negative operating cash flow from its core business as a kitchen solutions provider for 8 years and was in a dire state at the time of the acquisition.

The combination of the newly raised funds and OOWAY Technology's gilt-edge technical capabilities would have provided new engines for growth and hastened the return to profitability for Kitchen Culture.

Prospective investors present at OOWAY Group-led investment roadshows, eventually took up equity in Kitchen Culture, with the expectation of the game-changing business diversification through the acquisition of OOWAY Technology. Unfortunately, the raised capital has not materialised into any effort in business transformation.

Instead, we are deeply disappointed with the findings of the BTC report, which revealed that the gaps in Kitchen Culture's financial operating procedures led to[2]:

- Risk of misuse of Kitchen Culture's funds
- Risk of unauthorised use of proceeds obtained from the S$19.23 million of funds raised
- Risk of diversion of raised funds to purposes outside business diversification purposes
- Risk of questionable debt repayments to third parties
- Lack of independence and checks and balances in approving and processing payments
- Lack of accountability and traceability over entertainment expenses
- Lack of documentation for personnel hiring and pay increments
- Inappropriate operating structure involving multiple family members as management staff

These risks which were unknown to us prior to the acquisition have had a major impact on our growth plans as ongoing audits, investigations and lawsuits require significant time and resources, a challenging situation further compounded by the historical losses. Furthermore, Kitchen Culture has suffered reputational damage as a result of these issues.

Kitchen Culture's last traded price of S$0.08 per share marks an unrealised loss of close to 70% or S$16.72 million for the OOWAY Group following the completion of the acquisition. On the other hand, OOWAY Technology's value has remained stable during this period, which is also Kitchen Culture's key asset. As OOWAY Technology continues its development and making encouraging progress to grow its business, the long-term value of Kitchen Culture's stake in OOWAY Technology remains fundamentally intact.

Mr Liu added, "As a shareholder of Kitchen Culture, we have sustained significant losses, but we remain committed to growing our business together with Kitchen Culture and intend to provide the funding support needed in the near term to allay going concern issues."

The latest BTC report has identified S$7.22 million as "unmatched". This is a staggering sum and OOWAY Group hopes that the Management of Kitchen Culture investigates further to get to the bottom of this issue, so that any and all discrepancies will be ultimately accounted for to shareholders.

The Commercial Affairs Department (CAD) has recently requested for copies of the BTC reports for further review and investigation. We call on the new Board of Kitchen Culture to continue its relentless efforts to strengthen internal controls and implement BTC's recommendations without delay and to cooperate with the CAD to leave no stone unturned in fully resolving all outstanding issues, so we can lead the company in business transformation again.

Our confidence in Kitchen Culture's new Board to safeguard the interests of shareholders remains strong, but it must work hard to rebuild long-term value for Kitchen Culture and its shareholders.

BTC's Schedule of Matched and Unmatched Expense Items[3]
https://www.acnnewswire.com/docs/Multimedia/Low_OOWAY20220421.jpg

General Announcement:: UPDATE ON REVIEW BY BAKER TILLY CONSULTANCY (SINGAPORE) PTE. LTD. https://bit.ly/386bU8i
General Announcement:: ASSISTANCE IN THE REVIEW BY THE COMMERCIAL AFFAIRS DEPARTMENT https://bit.ly/3jWNY9U

[1] "Unmatched" refers to situations with any of the following criteria:
- Expenses cannot be traced to the bank statements
- Details of expenses cannot be traced to the underlying supporting documents
- Description of the expenses on the supporting document is not in line with the categories of utilisation as stated in Kitchen Culture's schedules
[2] These risks and gaps reflect the summary of findings listed in Kitchen Culture's response to SGX queries on 12 July 2021
[3] Rounded up to two decimal points

About OOWAY Technology Pte. Ltd.

OOWAY Technology is a big data AI technology company which uses innovative applications to creatively design intelligent digital products and models used in multiple fields. It does so by forming a closed loop of the entire process which includes data collection, model analysis, and intelligent applications.

OOWAY's development of an advanced technology platform - DIGIT (Digital Innovation of Global Integrated Trade) propels it to leading the way in a new era of B2B trading 4.0. By integrating the vitality of global trading businesses with emerging digital technologies, OOWAY's credit 3.0 technology is combined to construct a smart platform that ensures the authenticity and credibility of global trade whilst reducing costs, increasing efficiency and facilitating trade in a more reliable fashion. OOWAY brings to users the 5S operating framework, pushing out a new form of Ultimate Trade (UT). This has enabled global trade to evolve towards a new stage of standardization and intelligence.

Issued by OOWAY Group Ltd.

Media Contact:
Email: service@ooway.com

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comAs the single largest shareholder of Kitchen Culture Holdings Ltd. ("Kitchen Culture") with a 21.19% stake, OOWAY Group Ltd. ("OOWAY Group" or the "Group") shares the frustration of many shareholders who raised concerns over matters of internal controls and governance ahead of Kitchen Culture's recent Annual General Meeting held on 18 March 2022.

Iskra, the Stealth Web3 Game Community Platform Scores $34 million USD Led by a Korean Online Giant

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SINGAPORE, Apr 7, 2022 - (ACN Newswire) - Iskra announced that it secured an investment of up to $34 million USD led by Krust Universe, an investment arm of Kakao, a Korean tech giant. Along with Krust Universe, the list of investors read like who's who of the tech and gaming industry; WeMade, MetaBora, Neowiz, NHN Bigfoot, Fast Ventures, Liberty Investment, and Kakao Ventures.

Iskra aims to be the Future of Play, addressing category growing pains, as well as providing exciting opportunities and new game experiences for players, game developers and investors alike.

While Iskra is a new name, a look at the company's management team lineup reveals an all-star cast of blockchain and online game industry veterans with multiple exits between them from companies such as Dayli Financial Group and Tencent Holdings.

"We believe Iskra is pioneering the way to become the next-generation blockchain gaming publishing platform with unique features for game developers, users and other participants. We chose to invest in Iskra because we identify strong synergy between their ecosystem and ours. Together, we will take the blockchain and Web3 gaming industry to the next level," Henry Chang, CEO of WeMade.

Leading this round, Junghoon Kim, Chief Investment Officer at Krust Universe explained, "Iskra is a seasoned team that can combine the best of blockchain and games. During our incubation, the team successfully built a model that incentivizes various stakeholders in the community." The company further added, "Iskra is well aligned with the 2.0 strategy of Klaytn, a Krust portfolio, in which Klaytn becomes a blockchain of choice for gamefi and metaverse."

Up to now, Iskra has been focusing its resources on the company's Web3 game community platform development as well as acquiring the best next-gen blockchain game content the country has to offer. Most of the initial content that will be announced with the platform are from the same group of investors.

"We are excited that Krust, WeMade, and the rest of our investors trust my team and I to execute on our vision of a community-forward system that aligns interests by rewarding its stakeholders based on participation, while integrating sustainable tokenomic solutions for game developers to the platform. This investment will not only bring capital, but also their domain expertise and network to help expand the reach of Iskra's platform," commented Eugene Lee, CEO/Founder of Iskra.

About Krust

Krust incubates innovative startups that are building the next generation of groundbreaking technology applications. By enabling their growth and supporting their global expansion, we aim to contribute to the innovation of humanity.

About WeMade

WeMade Games is dedicated to serving gamers with a portfolio of entertaining, high quality PC and Mobile games. Established in 2000, WeMade Entertainment Co., Ltd. (KOSDAQ: 112040) is an international game developer publisher that has grown from a handful of passionate game pioneers to a group of over 1,000 game enthusiasts.

About Iskra Pte Ltd

Iskra (https://www.iskra.world/) is the Future of Play. The Company is backed by some of the biggest technology and game companies from Korea. Iskra plans to deploy a $200M game fund to launch next-gen Web3 experiences via its Web3 game community platform. Iskra's community-forward system aligns the interests of the community by rewarding its stakeholders based on their participation, while integrating sustainable tokenomic solutions for game developers that join its platform. The Company seeks to bridge the gap in web3 adoption between early adopters and the mainstream by combining enjoyment, sustainability and the latest in blockchain technology.

Media Contact
Ben Colayco, Global Managing Director
E: media@iskra.world
Headquarters: Iskra Pte. Ltd., 24 Raffles Place, #17-04 Clifford Centre, Singapore 048621

SOURCE: Iskra Pte Ltd

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comIskra announced that it secured an investment of up to $34 million USD led by Krust Universe, an investment arm of Kakao, a Korean tech giant. Along with Krust Universe, the list of investors read like who's who of the tech and gaming industry; WeMade, MetaBora, Neowiz, NHN Bigfoot, Fast Ventures, Liberty Investment, and Kakao Ventures.

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SEMK (2250.HK) Announces 2021 Adjusted Net Profit Increases by Nearly 30% to HK$77 million, Becomes the Largest Domestic Character IP Company In China

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HONG KONG, Mar 30, 2022 - (ACN Newswire) - SEMK Holdings International Limited ("SEMK", together with its subsidiaries, the "Group", stock code: 2250.HK), the largest domestic character Intellectual Property (IP) company* engaged in the provision of licensing services, design consultation services and retail of licensed brand products of its self-created B.Duck family characters, announced today the first annual results after its listing on the Main Board of The Stock Exchange of Hong Kong Limited on 17 January 2022.

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Mr. Eddie Hui, Chairman and Chief Executive Officer of SEMK.

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Together with its licensee, MADworld, SEMK launched its first drop of B. Duck NFT - 4,000 unique and original design 3D B.Duck NFTs as collectibles and potential future gaming celebrities.

Despite the unprecedented challenges due to the COVID-19 pandemic (the "Pandemic"), SEMK's business remains resilient. The Group's total revenue for the year ended 31 December 2021 ("FY2021" or the "Year") was approximately HK$290.0 million (FY2020: HK$233.5 million), representing a year-on-year growth of 24.2%. Excluding listing-expenses, the adjusted net profit for the Year was HK$77.3 million (FY2020: HK$59.8 million), representing a significant increase of 29.1% from the previous year.

The Board has resolved to declare a final dividend of HK$4.8 cents per ordinary share issued for the year ended 31 December 2021.

Mr. Eddie Hui, Chairman and Chief Executive Officer of SEMK, said, "It is an honor for me, for the first time as Chairman of SEMK, to relate to you our first annual results after listing. I am thrilled to announce that SEMK has become the largest domestic character IP company and ranked the fourth among all character IP companies in China, in terms of character licensing revenue in 2021*. It is our mission to be one of the pioneer Chinese character IP to expand in overseas so that can bring happiness and "Playful" lifestyle worldwide and empower soft power in Chinese cultural style. Indeed, the global licensing market is dominated by American and Japanese IPs, more than 60% of global retail sales of licensed goods attributable to North America. China only occupied less than 4% of global retail value of licensed products in 2021, which is not in same pace of global GDP sharing for China, this implies that the licensing market in China is in a very high growth potential. Our historical pace of growth is much faster than the overall growth rate of licensing market in China. Among other top 10 largest licensors in China, B.Duck is the youngest one and has demonstrated its high growth track records in the past years.

The listing of SEMK on the Main Board of the Hong Kong Stock Exchange in early 2022 is undoubtedly an important milestone for us. Looking forward, we will continue to adhere to our product-oriented development strategy, draw on our strong design capabilities and extensive licensees' network to bring more high-quality products to our fans."

Resilient Business Performance
The Group are principally engaged in two major businesses - character licensing business, as well as e-commerce and other business.

Character Licensing Business
The Group's character licensing business can be broadly divided into five service types, namely (i) merchandise licensing; (ii) location-based entertainment ("LBE") licensing; (iii) content and media licensing; (iv) promotion licensing; and (v) design consultation, which are interrelated and complementary to each other, with each of them being provided on a single, multi-service or integrated basis.

The Group's revenue from character licensing business increased by 69.9% to HK$166.6 million during the Year (FY2020: HK$98.0 million), mainly driven by the increase in excess royalties charged from the Group's licencees as a result of their increased sales of goods or services featuring the Group's IP characters. This segment accounted for 57.4% of the Group's total revenue in FY2021. The number of licencees (exclusive of licensing agents) the Group had increased to 385 as at the end of FY2021 (FY2020: 315).

E-commerce and Other Business
The Group' s e-commerce and other business mainly involve the sale of B.Duck family characters-featured products on e-commerce platforms of third parties and through offline sales channels. Seeing the potential synergies to be generated from the character licensing business, the Group began to explore the possibility of designing and selling its own products on e-commerce platforms. In 2015, SEMK launched its first online flagship store on Tmall, a well-known business to customer online shopping platform in China.

Following the success in the opening of such flagship store, the Group subsequently expanded onto other e-commerce platforms, such as JD.com, VIP.com and HKTVmall, to offer its products and allow customers to pay online with products directly shipped to the customers. During the Year, revenue from e-commerce and other business was approximately HK$123.4 million.

Launch of B. Duck NFTs and MOU with MADworld
With robust design capabilities and creativity, over the decades, the Group was able to ride on its self-create characters to launch various kind of licensed products in order to cope with changing consumption habits of B.Duck's fans. Recently, SEMK deployed a globalized business blueprint with an NFT "Non-fungible token" market. Joining hands with MADworld, the launch of B.Duck NFTs was a three-part series. The first drop, which was already launched, included 4,000 unique and original design 3D B.Duck NFTs as collectibles and potential future gaming celebrities. It was well received by the market and was sold out in 5 hours during the public session.

To facilitate strategic moves in this field in the future, SEMK has also entered into a memorandum of understanding (the "MOU") with MADworld Advisory Limited ("MADworld"), which specializes in development of licensed or licensable IPs into NFTs and other digital creatives, and marketing and offering to sell the same on platforms to be developed and/or accessed by such company. Pursuant to the MOU, SEMK and MADworld shall within two (2) months from the date of the MOU, enter into a joint venture agreement to establish a joint venture entity intended to be principally engaged in, amongst others, development of artworks and IPs owned by the Group into NFTs

Mr. Eddie Hui, Chairman and Chief Executive Officer of SEMK, concluded, "2021 was a peculiar year for us. Against the backdrop of the pandemic, thanks to the robust commitment of our team in delivering the strategic plans, we managed to sustain a resilient performance albeit the market challenges. The opportunities presented by the pandemic prompted us to make sufficient progress in online commercial operations, product flexibility, and B.Duck community online and offline digitalization integration.

Looking forward, through our strong fan base and coverage on social media-and e-commerce platforms, we will continue to accelerate the development of our product design capabilities in different territory, so as to expand to different variety licensing categories, including but not limited to LBE and digital assets projects. We will also proactively look for opportunities of strategic partnerships, alliances and acquisitions to facilitate sustainable business development."

About SEMK Holdings International Limited
SEMK Holdings International Limited (stock code: 2250.HK) is the largest domestic character IP company engaged in the provision of licensing services, design consultation services and retail of brand products of its self-created B.Duck family characters.

With strong in-house artistic design capabilities, SEMK has developed and nurtured a proprietary portfolio of approximately 26 self-created characters created under the motto of "Be Playful". As at 31 December 2021, B.Duck family characters had recorded in aggregate more than 10.5 million subscriptions or follows by B.Duck fans on various e-commerce platforms and social networking platforms, with in aggregate, over 740 million views of various types of content in relation to the elements of B.Duck family characters along with our "Be playful" motto.

Media Enquiries:
Strategic Financial Relations Limited
Heidi So Tel: (852) 2864 4826 Email: heidi.so@sprg.com.hk
Rachel Ko Tel: (852) 2114 2370 Email: rachel.ko@sprg.com.hk
Ivy Chan Tel: (852) 2864 4890 Email: ivy.chan@sprg.com.hk
Website: www.sprg.com.hk


Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comSEMK Holdings International Limited ("SEMK", together with its subsidiaries, the "Group", stock code: 2250.HK), the largest domestic character Intellectual Property (IP) company* engaged in the provision of licensing services
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Blockpass Supports H3RO3S Play-To-Earn System with KYC Identity Solution

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HONG KONG, Mar 30, 2022 - (ACN Newswire) - Blockpass is delighted to announce a new partnership which is being forged with H3RO3S, the real-life play-2-earn game, for the purposes of identity verification and onboarding. In this, Blockpass will be integrating its unique KYC solution with H3RO3S' platform as the company gears up to launch its app.

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Designed to promote entertainment, working and mental well-being in socially distant situations, H3RO3S is a play-to-earn gaming system that attaches incentives to the different products, levels and talents. Primarily targeting students, it allows the users to redeem incentives amidst a backdrop of gaming by completing tasks - such as reading over assignments before submission - for other users. Users on the platform can earn up to $1500 per month by completing tasks on the platform, growing from the Alpha stage with $3+ per task to the Prestige stage where they can choose the tasks they are notified about.

Blockpass is a digital identity verification provider which provides a one-click compliance gateway to financial services and other regulated industries. Through Blockpass, users can create, store, and manage a data-secure digital identity that can be used for an entire ecosystem of services, token purchases and access to regulated industries. For businesses and merchants, Blockpass is a comprehensive KYC & AML SaaS that requires no integration and no setup cost. You can set up a service in minutes, test the service for free and start verifying and on-boarding users. Currently with more than 500,000 verified user identity profiles, Blockpass facilitates instant onboarding, and to date over 3000 services have taken advantage of this opportunity to get access to users with reusable digital identity profiles.

"H3RO3S is creating a new and important way to live in light of the recent COVID pandemic which has forced so many of us to change how we operate," said Adam Vaziri, Blockpass CEO. "We're proud to help in bringing compliance and security to this endeavor which has the opportunity to improve the day-to-day experience for those whose traditional social interaction has been impacted so heavily."

"In H3RO3S we believe that it does not matter who you are or where you come from," said Gregory Crous, CEO of H3RO3S. "We want everyone to become the best version of themselves with the talent they are naturally born with. Help yourself by helping others - Everyone deserves to fly!"

Blockpass has grown significantly in size and use since its inception, both in the number and range of users and organizations it has partnered with and the scope of its work. Blockpass continues to develop its digital identity protocol with updates and additions to improve the compliance experience. The existential need for DeFi projects to be regulatory compliant and the recent integrations have led to a surge in interest for Blockpass' On-chain KYC(TM) solution which promises to change the way blockchains enable compliance. Through its recent work with Animoca Brands, Blockpass is developing the ability to provide KYC where the delivery of the verification result is provably sent and shown on a blockchain without sharing the underlying data. This represents a significant step towards the future Blockpass hopes to bring about where identity verification can be proved without revealing any personal information at all.

About Blockpass

Blockpass, the pioneer of On-chain KYC(TM), is a fast, fully comprehensive KYC & AML screening software-as-a-service for blockchains, Crypto, Defi and other regulated industries. With Blockpass, you get an unmatched set of benefits for any compliance service that includes pay-as-you-go, no setup cost, no integration necessary, free testing, immediate launch and at the lowest cost. Blockpass' KYC Connect(TM) platform enables businesses to select requirements for customer onboarding that can include ID authentication, face-matching, address checking, AML ongoing monitoring and/or screening of sanctions lists, politically exposed persons (PEP), and adverse media. Through Blockpass, end-users easily create a verified portable identity that they can control and re-use to onboard with any service instantly. By integrating with Chainlink Network - a decentralized oracle solution - last year, Blockpass introduced the first On-chain KYC(TM) solution that will service many blockchains in the years to come. Additionally, Blockpass' partnership with Animoca Brands has demonstrated how verification and adherence to standards can be proved on a blockchain without revealing any underpinning data - a significant boon for verifying Animoca Brands' NFT prize winners and a huge step towards securing the ecosystem of the Metaverse.The Blockpass App is available from the App Store and Google Play.

For more information and updates, please visit and sign up to the following:
Promotional video: https://youtu.be/SvO2cw3e-SI
Website: http://www.blockpass.org
Email: sales@blockpass.org

About H3RO3S

H3RO3S is the First Real Life Play 2 Earn. Allowing individuals to discover their talents and gamify their day to day life. If you are a student, family member, or working in the office with your team - your daily tasks are now rewarded and can be reviewed allowing you to accumulate a personal portfolio based on your talents and interests. This means you can now provide real time evidence how engaged you are in your local community by simply doing the things you anyway do. The best part is you are being rewarded for it. Being the biggest advocates of originality and supporting the industry our intention is to make an impact on the perception of crypto.

Website: https://www.h3ro3s.org/
Telegram: https://t.me/coinh3ro3s
Twitter: https://twitter.com/H3RO3SCOIN

Copyright 2022 ACN Newswire. All rights reserved. www.acnnewswire.comBlockpass is delighted to announce a new partnership which is being forged with H3RO3S, the real-life play-2-earn game, for the purposes of identity verification and onboarding. In this, Blockpass will be integrating its unique KYC solution with H3RO3S' platform as the company gears up to launch its app.

5 Top Web 3 Crypto For High Profits – March 2022

Web 3.0 focuses on decentralization and cryptocurrencies are decentralized by definition. This is why cryptocurrencies are inextricably linked to Web 3.0, and experts anticipate that [...]

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Web 3.0 focuses on decentralization and cryptocurrencies are decentralized by definition. This is why cryptocurrencies are inextricably linked to Web 3.0, and experts anticipate that [...]

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Announcement of Establishment of CA GameFi, Inc․ For Developing Blockchain Games in the Global Market

Tag Template - News Hub PRO CoinGenius Hosts Virtual Crypto Event The Road To Mass AdoptionPRESS RELEASE. CA GameFi Inc., (headquartered in Shibuya-ku, Tokyo, Japan; Taro Yamamoto, Representative Director; hereafter CA GameFi), a subsidiary of CyberAgent Inc. (headquartered in Shibuya-ku, Tokyo, Japan; Makoto Fujita, Representative Director; listed on the TSE’s first section, Stock Code 4751; hereafter CyberAgent), now announces the establishment of the company to run blockchain game business on […]

Announcement of Establishment of CA GameFi, Inc․ For Developing Blockchain Games in the Global Market

Tag Template - News Hub PRO CoinGenius Hosts Virtual Crypto Event The Road To Mass AdoptionPRESS RELEASE. CA GameFi Inc., (headquartered in Shibuya-ku, Tokyo, Japan; Taro Yamamoto, Representative Director; hereafter CA GameFi), a subsidiary of CyberAgent Inc. (headquartered in Shibuya-ku, Tokyo, Japan; Makoto Fujita, Representative Director; listed on the TSE’s first section, Stock Code 4751; hereafter CyberAgent), now announces the establishment of the company to run blockchain game business on […]
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