In a remarkable stride towards its global expansion plans amidst tough regulatory challenges, Japanese blockchain developer HashPort Group has successfully raised 1.2 billion Japanese yen (approximately $8.5 million) in a Series C funding round. The funding was led by prominent institutions such as Sumitomo Mitsui Banking Corporation, The University of Tokyo Edge Capital Partners, and Japanese billionaire entrepreneur Yusaku Maezawa. This latest investment brings HashPort’s total funding to an impressive 2 billion yen (around $14.2 million).
As per the official announcement made on July 28, the raised funds are intended to strengthen HashPort’s business foundation, allowing the company to establish a robust compliance management system and hire personnel skilled in navigating the intricacies of the global regulatory landscape. The company aims to fuel its expansion while maintaining strict adherence to regulatory requirements.
HashPort Group boasts an ecosystem encompassing its renowned blockchain-related consulting and system solution services in Japan. Additionally, it includes HashPalette, a public chain specializing in nonfungible tokens (NFTs). Moreover, HashPort Group is all set to launch an exciting metaverse game called “The Land Elf Crossing” in the fourth quarter.
A notable milestone in HashPort’s journey was its partnership with cryptocurrency exchange Coincheck in July 2021, where they jointly conducted Japan’s first initial exchange offering (IEO). The IEO, facilitated by the exchange, raised a staggering 22.45 billion yen (approximately $160 million) in Palette (PLT) token commitments. Subsequently, PLT Place, the official NFT marketplace of Palette Chain, witnessed rapid growth in its user base, accumulating over 370,000 users.
HashPort Group collaborations
Looking ahead, HashPort Group’s President, Seihaku Yoshida, revealed the company’s collaboration with Expo 2025, a highly anticipated expo scheduled to take place in Osaka, Japan. The collaboration aims to develop digital wallets and digital passports linked to soulbound tokens (SBTs). This initiative aligns with the expectation that Expo 2025 will attract over 28 million visitors, offering a historic opportunity for over 10 million people to experience Web3 for the first time.
It’s worth noting that the concept of SBTs draws inspiration from Ethereum co-founder Vitalik Buterin’s proposal, wherein these tokens represent the characteristics or reputation of a person or entity, reminiscent of soulbound items in the popular MMORPG World of Warcraft.
