- July 31, 2023
- Posted by: [email protected]
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Japanese blockchain developer HashPort has successfully raised 1.2 billion Japanese yen (approximately $8.5 million) in a Series C funding round. The funding was led by prominent investors, including Sumitomo Mitsui Banking Corporation, The University of Tokyo Edge Capital Partners, and Japanese billionaire entrepreneur Yusaku Maezawa. With this latest investment, HashPort’s total funding now stands at 2 billion yen (around $14.2 million).
The primary focus of the funding is to facilitate HashPort’s expansion into international markets, particularly in the face of complex regulatory environments. By securing these funds, the company plans to strengthen its business operations and establish a robust compliance management system. This measure will enable HashPort to navigate the intricate global regulatory landscape with ease during its expansion phase.
HashPort’s ecosystem consists of its blockchain-related consulting and system solutions in Japan, along with HashPalette, a public chain specialized in nonfungible tokens (NFTs). Additionally, the company is set to launch a metaverse game called “The Land Elf Crossing” in the fourth quarter.
In a previous significant partnership, HashPort’s Palette Chain collaborated with cryptocurrency exchange Coincheck to execute Japan’s inaugural initial exchange offering (IEO). The IEO, which involved Palette (PLT) tokens, raised an impressive 22.45 billion yen (approximately $160 million) in commitments. Subsequently, PLT Place, the official NFT marketplace of Palette Chain, has amassed a substantial user base of over 370,000 individuals.
Looking to the future, HashPort Group president Seihaku Yoshida has revealed plans to collaborate with Expo 2025, a highly anticipated event taking place in Osaka, Japan. The collaboration aims to develop digital wallets and digital passports linked to soulbound tokens (SBTs). With Expo 2025 expected to attract over 28 million visitors, HashPort aims to provide a unique opportunity for more than 10 million people to experience Web3 for the first time—a truly historic event, according to Yoshida.
Notably, Sumitomo Mitsui Banking Corporation, one of the investors in HashPort, had previously partnered with the company in December 2022 to issue SBTs. Together, they are actively researching practical applications of SBTs, exploring their potential uses in communities, employment, knowledge-sharing services, and decentralized autonomous organizations.
SBTs were initially proposed by Ethereum co-founder Vitalik Buterin as a means to represent the characteristics or reputation of individuals, entities, or “souls.” The name draws inspiration from soulbound items in the MMORPG World of Warcraft.
