LayerX raises 3 billion yen to complete blockchain adoption

27 July

As the world remains devastated due to the unprecedented situation caused by the COVID-19 pandemic, Japan persists on the trend of blockchain technology despite the several challenges it recently faced.  Japanese Cointelegraph confirmed on May 28 that a blockchain technology firm had successfully raised money for blockchain adoption. Japan LayerX had managed to raise 3 […]

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As the world remains devastated due to the unprecedented situation caused by the COVID-19 pandemic, Japan persists on the trend of blockchain technology despite the several challenges it recently faced. 

Japanese Cointelegraph confirmed on May 28 that a blockchain technology firm had successfully raised money for blockchain adoption. Japan LayerX had managed to raise 3 billion yen, specifically to fund the mentioned endeavour.

Although the world is in the middle of a pandemic, blockchain remains on the rise, in which JAFCO board member Keisuke Miyoshi mentioned, “Corona has exposed various issues in Japan. It is further accelerating [digitization]. Blockchain is [no longer] just a technology buzzword.”

After successfully raising funds, LayerX is said to establish partnerships with Mitsubishi UFJ Group, a Mitsubishi’s financial services subsidiary, to promote and accelerate digitization projects with various companies and agencies in the country. 

Tokyo-based firms will also help the firm in their venture by using the services of Money Forward, GMO Aozora Net Bank and Dotcom. 

It was also announced that regions in the Asia Pacific, Africa, the Middle East and Europe were the ones that supported the fundraising activity of LayerX the most, with 29% of funds coming from Asia Pacific region alone. 

Some of the companies that partnered with LayerX were Microsoft, Sumitomo Mitsui Trust Bank, Mitsui & Co., and SMBC Nikko Securities. With this collaboration, it will become much easier to improve and accelerate the current condition of the blockchain and further its adoption. 

Furthermore, they will also establish a blockchain-based asset management company entitled Mitsui & Co. Digital Asset Management that will handle and strengthen blockchain technology’s security. 


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