HashPort, a well-known blockchain developer from Japan, has raised an amazing 1.2 billion Japanese yen ($8.5 million) in its most recent investment round. Key participants including Sumitomo Mitsui Banking Corporation, The University of Tokyo Edge Capital Partners, and well-known Japanese billionaire entrepreneur Yusaku Maezawa spearheaded the Series C investment endeavor. With this substantial contribution, HashPort’s total fundraising has now impressively reached 2 billion yen (about $14.2 million).
The corporation has big ambitions for how it will use this money. To prepare for its upcoming development ambitions, HashPort wants to bolster its operations, build a strong compliance management system, and create a team to negotiate the complex worldwide regulatory environment.
HashPalette, a public chain created especially for nonfungible tokens (NFTs), and HashPort, a blockchain-related consultancy and system solution in Japan, make up the two primary parts of the HashPort ecosystem. Additionally, HashPort plans to launch The Land Elf Crossing, a metaverse game, in the fourth quarter.
It’s exciting to note that HashPort also plans to work with exhibition 2025, a highly anticipated exhibition scheduled to take place in the Japanese city of Osaka. The primary goal of the partnership is to create digital wallets and passports linked to soulbound tokens (SBTs). Seihaku Yoshida, the president of HashPort Group, discussed the possible effects of Expo 2025 and predicted that it will bring over 28 million people, many of whom would be exposed to Web3 for the first time.
To carry out Japan’s first initial exchange offering (IEO), Palette Chain, a HashPort affiliate, collaborated with Coincheck, a well-known cryptocurrency exchange, earlier in July 2021. An remarkable 22.45 billion yen (or $160 million) in pledges for their Palette (PLT) coins were obtained via this creative IEO, where the exchange sponsored the initial coin offering. Palette Chain is pleased to announce that since its introduction, its official NFT marketplace, PLT Place, has attracted an impressive user base of over 370,000 people.
HashPort’s engagement with Vitalik Buterin’s idea of Soulbound Tokens (SBTs) is another interesting step. These digital identification tokens are created to represent the unique traits and standing of people or organizations, kind of like a virtual “soul.” In December 2022, Sumitomo Mitsui Banking Corporation and HashPort jointly launched a project aimed at implementing SBTs in real-world settings for communities, employment, knowledge-sharing platforms, and decentralized autonomous organizations (DAOs).
HashPort’s future is bright as it develops and strengthens its position in the blockchain and NFT industries. With the most recent infusion of capital and key alliances, the business is well-positioned to take the lead in examining new applications for blockchain technology across industries.
