HashPort raises US$6.9m to boost NFT, SBT businesses

HashPort Group, a Web3-related consultancy, has raised approximately 900 million yen (US$6.94 million) in funding from Sumitomo Mitsui Banking Corporation and others to strengthen its enterprise consulting and NFT businesses.

The investment also involved UTEC 4, a fund managed by venture investment firm University of Tokyo Edge Capital Partners, HashPort said on January 20. HashPort Group has been working on research and development of blockchain technology since 2018. It provides consulting and system solutions for the implementation of social infrastructure using blockchain technology, including soulbound tokens (SBTs) and NFTs. Its subsidiaries include HashPalette, which primarily focuses on NFT-related business, and HashBank, which handles financial infrastructure business.

The funds raised will be used to strengthen HashPort’s development of system solutions for companies newly entering the SBT domain and other Web3 domains, and to expand its consulting team. The funds will also be used to develop NFT products such as Palette, a blockchain network optimized for NFT distribution, PLT Place, an NFT marketplace, and blockchain games utilizing IPs from Japan, which are being developed by HashPalette. The company aims to acquire major IPs from Japan and expand its products globally.

The company will also use the funds to strengthen the recruitment of compliance and corporate governance personnel, anticipating an increased demand for related services.

In December 2022, HashPort Group and SMBC formed a business alliance in NFT business, and are collaborating on a pilot scheme to study the feasibility of using SBTs for identity verification and proof of employment history.