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HashPort Group Secures $8.5 Million in Series C Funding for Global Expansion

In a significant step towards its global expansion goals despite regulatory hurdles, Japanese blockchain developer HashPort Group has successfully raised 1.2 billion Japanese yen (approximately $8.5 million) in a Series C funding round. The funding was led by prominent institutions, including Sumitomo Mitsui Banking Corporation, The University of Tokyo Edge Capital Partners, and Japanese billionaire entrepreneur Yusaku Maezawa. With this recent investment, HashPort’s total funding has reached an impressive 2 billion yen (around $14.2 million).

The company officially announced on July 28 that the raised funds would be utilized to strengthen its business foundation, establishing a robust compliance management system and hiring skilled personnel well-versed in navigating the complex global regulatory landscape. HashPort aims to drive its expansion while maintaining strict adherence to regulatory requirements.

HashPort Group is renowned for its blockchain-related consulting and system solution services in Japan, along with HashPalette, a public chain specializing in nonfungible tokens (NFTs). Additionally, the company has exciting plans to launch a metaverse game called “The Land Elf Crossing” in the fourth quarter.

A notable milestone in HashPort’s journey was its partnership with cryptocurrency exchange Coincheck in July 2021, where they jointly conducted Japan’s first initial exchange offering (IEO). The IEO raised an impressive 22.45 billion yen (approximately $160 million) in Palette (PLT) token commitments. Subsequently, PLT Place, the official NFT marketplace of Palette Chain, witnessed rapid growth, attracting over 370,000 users.

Looking forward, HashPort Group’s President, Seihaku Yoshida, revealed the company’s collaboration with Expo 2025, a highly anticipated expo scheduled to take place in Osaka, Japan. The collaboration aims to develop digital wallets and digital passports linked to soulbound tokens (SBTs). This initiative aligns with the expectation that Expo 2025 will attract over 28 million visitors, offering a historic opportunity for more than 10 million people to experience Web3 technology for the first time.

It’s worth noting that the concept of SBTs draws inspiration from Ethereum co-founder Vitalik Buterin’s proposal, where these tokens represent the characteristics or reputation of a person or entity, reminiscent of soulbound items in the popular MMORPG World of Warcraft.

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