Arbitrum Foundation and Fracton Ventures Partner to Launch Arbitrum Japan
The Arbitrum Foundation has joined forces with Fracton Ventures to establish Arbitrum Japan, an initiative aimed at enhancing the presence of the Ethereum Layer 2 network, Arbitrum, in the country. The partnership intends to promote ecosystem development and community education programs. The funding details and allocation for the initiative have not been disclosed. According to Nina Rong, Head of Ecosystem Development at the Arbitrum Foundation, there is immense untapped potential in Japan. Siddharth Pillai, Head of Partnerships at Fracton Ventures, believes that this collaboration will provide Japan with the opportunity to fully leverage blockchain technology.
Two-Pronged Approach: Business Development and Education
Fracton Ventures, based in Japan, will utilize its network of experts, investors, and developers in conjunction with the support of the Arbitrum Foundation to implement a two-pronged approach. The first prong focuses on business development by fostering collaboration between web2 and web3 companies to foster growth within the Arbitrum ecosystem in the Japanese market. The second prong involves expanding technical educational content through AMA sessions and hackathons. Additionally, university ambassadors and community managers will play a role in driving consumer adoption of Arbitrum.
Crypto-Friendly Environment in Japan
Japan is considered one of the more crypto-friendly jurisdictions. Prime Minister Fumio Kishida has expressed his belief that web3 has transformative potential for the internet and can contribute to social change. In June, Japan’s National Tax Agency exempted crypto issuers from paying capital gains taxes on unrealized gains. However, the Japan Blockchain Association is urging further revisions to the country’s crypto tax system to support the growth of web3 businesses.
Arbitrum’s Launch, Traction, and Controversy
Arbitrum conducted a token airdrop in March alongside the establishment of the Arbitrum Foundation. The governance proposal to invest 750 million ARB tokens in initiatives caused controversy due to concerns about decentralization. Following community backlash, the proposal was revised and voted on again. Recently, the Arbitrum Foundation transferred unclaimed airdropped ARB tokens worth $57 million to the Arbitrum DAO treasury. In terms of total value locked, Arbitrum dominates the Ethereum Layer 2 scaling market with $5.9 billion, followed by Optimism with $2.7 billion.
Hot Take: Arbitrum Japan Expands Opportunities for Blockchain Innovation in Japan
The partnership between the Arbitrum Foundation and Fracton Ventures to launch Arbitrum Japan presents a significant opportunity for blockchain innovation in Japan. By leveraging Fracton Ventures’ network and expertise, coupled with support from the Arbitrum Foundation, this initiative aims to foster business development, educational programs, and community engagement within the Arbitrum ecosystem. With Japan’s crypto-friendly environment and growing interest in web3 technologies, this collaboration has the potential to unlock new possibilities and drive adoption of blockchain technology in the country.
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