- HashPort Group raises $8.5 million in a Series C funding round to facilitate global expansion.
- Funds will be utilized to establish a compliance management system and navigate complex regulatory environments.
- HashPalette, a public chain specializing in NFTs, has amassed over 370,000 users since its launch.
The Japan-based blockchain developer company, HashPort, has raised 1.2 billion Japanese yen ($8.5 million) in its latest funding round. Japanese banking giant Sumitomo Mitsui Banking Corporation and University of Tokyo Edge Capital Partners (UTEC) led the company’s Series C funding round. With this latest infusion of capital, HashPort’s total funding has reached an impressive 2 billion yen (about $14.2 million).
According to an announcement on July 28, the funds will enable HashPort to consolidate its business, acquire a compliance management system and relevant personnel, as well as navigate the complex global regulatory environment to prepare for its expansion. The company aims to fuel its expansion while strictly adhering 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.
HashPort Group Collaboration
In July 2021, HashPort’s Palette Chain partnered with cryptocurrency exchange Coincheck to launch Japan’s first initial exchange offering (IEO), or an initial coin offering facilitated by an exchange. The IEO raised 22.45 billion yen ($160 million) in Palette (PLT) token commitments. The company claims that PLT Place, the official NFT marketplace of Palette Chain, has accumulated over 370,000 users since then.
President Seihaku Yoshida expressed HashPort’s future ambitions, revealing plans to cooperate with Expo 2025, a highly anticipated event scheduled to take place in Osaka. HashPort aims to develop digital wallets and passports linked to soulbound tokens (SBTs) for Expo 2025. With an estimated 28 million visitors expected to attend the expo, the company sees this as a historic opportunity to introduce Web3 technology to a broader audience.
“Expo 2025 is expected to attract more than 28 million visitors. If more than 10 million people experience Web3 for the first time, we believe this will be a historic event.”
Reportedly, in December 2022, Sumitomo Mitsui Banking Corporation, now an investor in the company, partnered with HashPort to issue SBTs. The companies plan to research SBTs to explore practical uses for communities, jobs, knowledge-sharing services and decentralized autonomous organizations.
Previously, SBTs were proposed by Ethereum co-founder Vitalik Buterin as proof of the characteristics or reputation of a person, entity or “soul.” The name derives from soulbound items linked to an MMORPG World of Warcraft character.