July 31, 2023

Japanese Web3 Developer Raises $8.5 Million in Funding Round



Japanese Web3 developer HashPort raised funds worth 1.2 billion Japanese yen ($8.5 million) in a Series C funding round, bringing the total funds that HashPort raised to 2 billion Japanese yen ($14.2 million).

The fundraising round was led by The University of Tokyo Edge Capital Partners, Sumitomo Mitsui Banking Corporation, and Japanese billionaire entrepreneur Yusaku Maezawa, according to Cointelegraph.

According to the Japanese blockchain developer, the new fund will allow it to enhance business and secure a compliance management system and related personnel to navigate the sophisticated global regulatory environment for its expansion.

HashPort is responsible for an ecosystem consisting of its renowned blockchain-related consulting and system solution services in Japan. Additionally, it includes HashPalette, a public chain specializing in NFTs. The blockchain developer intends to launch its metaverse game called “The Land Elf Crossing” in the fourth quarter of this year.

HashPort Group President Seihaku Yoshida said his company plans to cooperate with Expo 2025, an upcoming expo to be held in Osaka, Japan, to set up digital wallets and digital passports linked to soulbound tokens (SBTs), noting that the event is expected to attract 28 million visitors and it would be a historic event if only 10 million visitors experienced Web3 for the first time.

This month, Japanese Prime Minister Fumio Kishida anew stressed his country’s commitment to developing the Web3 industry, describing it as a new form of capitalism.

Delivering a speech during the first day of the WebX conference in Tokyo, Kishida pointed out that Web3 has the potential to change the conventional framework of the Internet and lead to a social change, therefore his government is working on improving through which the Web3 technologies work.

Earlier in April, the Japanese Liberal Democratic Party’s Web3 project team prepared a whitepaper in which they suggest ways to expand the Web3 industry in the country in line with the prime minister’s national strategy.

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