HashPort Raises $8.5 Million in Series C Funding
Japanese blockchain developer HashPort has secured 1.2 billion yen ($8.5 million) in a Series C funding round led by Sumitomo Mitsui Banking Corporation, The University of Tokyo Edge Capital Partners, and billionaire entrepreneur Yusaku Maezawa. The funding brings HashPort’s total funding to 2 billion yen ($14.2 million). The company plans to use the funds to consolidate its business, establish a compliance management system, and navigate the global regulatory environment for its expansion. HashPort’s ecosystem includes its blockchain consulting and system solution in Japan and HashPalette, a public chain specializing in nonfungible tokens (NFTs). The company is also set to launch a metaverse game called The Land Elf Crossing in Q4 2021.
Main Key Points:
- HashPort raises 1.2 billion yen ($8.5 million) in a Series C funding round.
- Funding led by Sumitomo Mitsui Banking Corporation, The University of Tokyo Edge Capital Partners, and Yusaku Maezawa.
- HashPort plans to consolidate business and establish a compliance management system.
- The company’s ecosystem includes blockchain consulting, HashPalette public chain, and upcoming metaverse game.
- HashPort’s Palette Chain partnered with Coincheck for Japan’s first initial exchange offering (IEO).
HashPort’s Plans for Expo 2025 and Soulbound Tokens
HashPort Group president Seihaku Yoshida revealed plans to cooperate with Expo 2025 in Osaka, Japan, to develop digital wallets and passports linked to soulbound tokens (SBTs). Yoshida believes that Expo 2025, which is expected to attract over 28 million visitors, will be a historic event introducing more than 10 million people to Web3 for the first time. SBTs, proposed by Ethereum co-founder Vitalik Buterin, are tokens that represent the characteristics or reputation of a person or entity. The concept is inspired by soulbound items in the MMORPG World of Warcraft.
Hot Take:
HashPort’s successful funding round and partnerships demonstrate the growing interest and investment in the blockchain and NFT space in Japan. By securing funding and expanding its ecosystem, HashPort is positioning itself as a key player in the evolving digital landscape. The company’s plans for Expo 2025 and the development of soulbound tokens show its ambition to innovate and integrate blockchain technology into various industries.
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