HashPort Group Secures $8.5 Million in Funding for Blockchain Development

• Japanese blockchain developer HashPort Group has raised 1.2 billion yen (equivalent to $8.5 million) in its Series C funding round.
• The company plans to use the funds to strengthen operations, establish a compliance management system, and expand its offerings.
• HashPort is also collaborating with Expo 2025 to develop digital wallets and digital passports connected to soulbound tokens (SBTs).

HashPort Group Raises $8.5 Million

Japanese blockchain developer HashPort Group has raised 1.2 billion Japanese yen (equivalent to $8.5 million) in its latest funding drive, Series C round led by major players like Sumitomo Mitsui Banking Corporation, The University of Tokyo Edge Capital Partners, and renowned Japanese billionaire entrepreneur, Yusaku Maezawa. This funding brings the total amount of funds secured by HashPort to 2 billion yen (approximately $14.2 million).

Funding Used for Expansion Plans

HashPort will use this substantial funding injection to fortify its operations, establish a robust compliance management system, and assemble a team for navigating the intricate global regulatory landscape- all of which are crucial for their future expansion plans. The main components of the HashPort ecosystem include blockchain-related consulting and system solutions in Japan as well as HashPalette: a public chain specifically designed for nonfungible tokens (NFTs). Additionally, the company also has plans to introduce a metaverse game called The Land Elf Crossing in the fourth quarter of 2021.

Collaboration with Expo 2025

Seihaku Yoshida, President of HashPalette Group announced that the company intends to collaborate with Expo 2025 taking place in Osaka city of Japan; they will work together on developing digital wallets and digital passports connected to Soulbound Tokens (SBTs). It’s projected that over 28 million visitors will attend Expo 2025 and if more than 10 million individuals get their first exposure to Web3 during this event it will be an outstanding occasion according to Yoshida’s statement.

IEO With Coincheck Exchange

In July 2021 Palette Chain partnered with Coincheck cryptocurrency exchange for running Japan’s initial exchange offering (IEO ). This IEO involved Coincheck facilitating initial coin offering which garnered 22.45 billion yen commitments for Palette tokens(PLT). PLT Place ,the official NFT marketplace launched by Palette Chain currently has over 370,000 users .

Researching Practical Uses For SBTs

Vitalik Buterin ,co-founder of Ethereum introduced the concept of Soulbound Tokens(SBTs), which are digital identity tokens designed specifically encapsulate distinct qualities associated with an individual or entity .Hashport is conducting research regarding practical applications for SBTs such as integrating them into gaming environments or using them as personal authentication systems .