Square Enix won’t invest in blockchain projects with cash earned from studio sales

Square Enix announced last month that the money from the three studios and IPs sold Embracer will not be used in blockchain investments.
Square Enix Blockchain
Square Enix has announced that it will not invest in blockchain with funding from Embracer.

Square Enix, which came to the fore with three studios it sold to Embracer with IPs in the past, announced that it would use the revenues from these sales in blockchain and Web3 investments.

According to the company’s published financial briefing, Square Enix said that it has withdrawn from disclosures and will instead use the funding to develop and support the funds.

In the financial briefing, Square Enix President Yosuke Matsuda gave the following words;

“Rather than using the proceeds from the divestiture in new investment domains such as NFT and blockchain, we intend to use them primarily to fund our efforts to foster solid IP and to enhance our development capabilities in our core Digital Entertainment segment.”

Saying that they also want to create new titles in line with their strategy, Square Enix stated that they would improve their publishing functions and re-create their portfolio.

Due to be completed in the coming months, the deal includes Square Enix’s Crystal Dynamics, Square Enix Montréal, and Eidos Montréal studios and their IPs. The $300 million deal has more than 1,100 employees across eight locations and three studios.

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