HashPort Group, a Japanese Web3 developer, secures $8.5M in funding round.

HashPort Group, a Japanese blockchain developer has successfully raised 1.2 billion Japanese yen ($8.5 million) in a recent Series C funding round. This 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. With this latest round of funding, HashPort has amassed a total funding of 2 billion yen ($14.2 million).

The primary aim of the funding is to enable HashPort to strengthen its business and establish a robust compliance management system. This will allow the company to effectively navigate the complex global regulatory landscape as it expands its operations. Notably, HashPort is involved in various aspects of the blockchain industry, including consultancy services and system solutions in Japan. Additionally, the company has developed HashPalette, a public blockchain specializing in nonfungible tokens (NFTs). HashPort is also set to launch a metaverse game called The Land Elf Crossing in the fourth quarter.

In a significant development earlier this year, HashPort’s Palette Chain partnered with cryptocurrency exchange Coincheck to conduct Japan’s first-ever initial exchange offering (IEO). This IEO garnered a staggering 22.45 billion yen ($160 million) in commitments for Palette (PLT) tokens. Following this successful event, Palette Chain’s official NFT marketplace, known as PLT Place, has attracted over 370,000 users.

Looking ahead, HashPort aims to collaborate with Expo 2025, a highly anticipated expo scheduled to take place in Osaka, Japan. The company intends to build digital wallets and digital passports linked to soulbound tokens (SBTs) in association with this event. With Expo 2025 expected to draw more than 28 million visitors, HashPort sees a tremendous opportunity to introduce over 10 million people to Web3 for the first time. This, according to HashPort Group president Seihaku Yoshida, would be a momentous occasion.

This collaboration with Expo 2025 builds upon a previous partnership between HashPort and Sumitomo Mitsui Banking Corporation. In December 2022, it was reported that the banking institution had joined forces with HashPort to explore the issuance of soulbound tokens (SBTs). The objective of this joint effort is to research and identify practical use cases for SBTs in various domains, including communities, job markets, knowledge-sharing services, and decentralized autonomous organizations.

Soulbound tokens, or SBTs, were initially proposed by Ethereum co-founder Vitalik Buterin as a way to represent the characteristics or reputation of an individual, organization, or “soul.” The term “soulbound” is derived from soulbound items in the popular MMORPG World of Warcraft, which are tied to a specific in-game character.

The potential integration between HashPort and Expo 2025 is exciting, as it could considerably contribute to the adoption of blockchain technology and Web3. This collaboration also aligns with HashPort’s mission to drive innovation and promote the widespread use of decentralized solutions.

HashPort‘s successful Series C funding round has provided the company with 1.2 billion Japanese yen ($8.5 million) to bolster its business operations and establish a robust compliance management system. With partnerships with notable institutions and its involvement in various aspects of the blockchain industry, HashPort is well-positioned for future growth and expansion. The collaboration with Expo 2025 holds immense promise for introducing millions of people to the potential of Web3 and blockchain technology.

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