On May 28, it has been reported that LayerX raised the funds from venture capital firms JAFCO, ANRI, and Yahoo Group.
Keisuke Miyoshi, the Board Member of JAFCO, commented:
“Corona has exposed various issues in Japan. It is further accelerating [digitization]. Blockchain is not just a technology buzzword.”
It has been analyzed that most of the fundraising in the crypto space shifted from the Americas to the Asia Pacific regions, Europe, the Middle East, and Africa.
According to a report by Big Four auditing firm PwC, 29% of crypto funding in 2019 was in the Asia Pacific region.
However, LayerX is reportedly collaborating with Mitsubishi UFJ Group, Mitsubishi’s financial services subsidiary, to promote digitization for companies and government agencies, as the Tokyo-based firm leverages cloud services by Dotcom, GMO Aozora Net Bank, and Money Forward for its services.
As it has been reported at the end of November 2018, Microsoft partnered with LayerX to accelerate local blockchain adoption.
Likewise, in March 2020, it was also reported that Brokerage SMBC Nikko Securities, Sumitomo Mitsui Trust Bank, and general trading company Mitsui & Co. all partnered with LayerX, as the collaboration aims to form a blockchain-based asset management company called Mitsui & Co. Digital Asset Management.
Thus, the April reports reveal that this new firm started an initiative aiming to digitize securities using blockchain technology.