Trade Waltz raises an additional 1.65 billion yen, bringing the total to 5.65 billion yen ─ Sumitomo Corporation newly participates | coindesk JAPAN | Coindesk Japan

TradeWaltz, which develops trade information collaboration platform “TradeWaltz” that aims to completely digitize trade procedures based on blockchain, has Sumitomo Corporation join the investment and raise 1.65 billion yen newly from the company and other existing shares. It was announced on May 29 that the cumulative amount of funding reached 5.65 billion yen.

TradeWaltz started its business in November 2020, and has received joint investment and government support from NTT Data, Mitsubishi Corporation, Tokio Marine & Nichido Fire Insurance, Mitsubishi UFJ Bank, Sompo Japan Insurance, Marubeni, and venture capital from the University of Tokyo. It is an all-Japan startup that spans industry, government, and academia.

Implemented applications necessary for trade procedures on blockchain, with more than 50 paid users as of the end of March 2023, and companies that are linking with APIs will no longer need analog documents, resulting in an efficiency improvement of 44% or more. It is said that it is realized.

In addition, we have successfully conducted demonstration tests of value-added services such as tracking the location information of cargo by linking with other companies’ platforms and payment with digital currency.

The funds raised this time will be used to strengthen the sales and development system.

｜ Editing: CoinDesk JAPAN Editorial Department
｜Image: Shutterstock