Japanese Web3 developer HashPort Group raises $8.5M in funding round

Japanese blockchain developer HashPort has raised 1.2 billion Japanese yen ($8.5 million) in a Series C funding round.

• The funding round was led by Sumitomo Mitsui Banking Corporation, The University of Tokyo Edge Capital Partners, and Japanese billionaire entrepreneur Yusaku Maezawa
• This brings HashPort’s total funding to 2 billion yen ($14.2 million)

The funds will be used to:

• Consolidate business operations
• Secure a compliance management system and related personnel
• Navigate the global regulatory environment for expansion

HashPort’s ecosystem includes:

• Blockchain-related consulting and system solution in Japan
• HashPalette, a public chain specializing in nonfungible tokens (NFTs)

In the fourth quarter, HashPort is set to launch a metaverse game called The Land Elf Crossing.

In July 2021, HashPort’s Palette Chain partnered with cryptocurrency exchange Coincheck to launch Japan’s first initial exchange offering (IEO).

The IEO raised a total of 22.45 billion yen ($160 million) in Palette (PLT) token commitments.

HashPort Group plans to cooperate with Expo 2025 to build digital wallets and digital passports linked to soulbound tokens (SBTs).

SBTs were proposed by Ethereum co-founder Vitalik Buterin as proof of the characteristics or reputation of a person, entity, or “soul.”

Expo 2025 is expected to attract more than 28 million visitors, offering a historic opportunity for more than 10 million people to experience Web3 for the first time.