HYPERITH Co., Ltd.
Hyperithm invests in Soarchain, a developer of layer 1 blockchain for real-time information transmission of automobiles
HYPERITHM Co., Ltd. (Headquarters: Chiyoda-ku, Tokyo; Representative Director: Lloyd Lee) announces that it has invested in “Soarchain”.
[Image 1: https://prtimes.jp/i/79365/44/resize/d79365-44-f3268493899039185ff9-0.png&s3=79365-44-ed9f2339e050973dcd04f8d408fa7477-1920×1080.png] About Soarchain
Soarchain is a Layer 1 network built on the Cosmos SDK network, providing automotive-specific token-incentivized data and connectivity infrastructure. Using smart contracts, we are building a dApps ecosystem for vehicles that will enable vehicle-specific decentralized applications and lead to more efficient, cost-effective, and green transportation.
Soarchain enables trustless and permissionless connectivity between vehicles. Vehicles participating in the network also send messages proving the availability of other vehicles and thus get incentives. Sent messages are received and verified by other network participants, and rewards are earned for sending and verifying correct messages.
[Image 2: https://prtimes.jp/i/79365/44/resize/d79365-44-64a1391f10a741919c17-1.png&s3=79365-44-68b65c36f796589d8b810e49ff8b118c-3900×1224.png] Product page: https://www.soarchain.com/
Comment from Soarchain CEO, Kerem Ozkan
We are delighted to welcome Hyperithm as an investor in Soarchain. Hyperithm’s passion for innovation aligns perfectly with our mission to redefine the automobile. The investment from Hyperithm will further accelerate our vision to create a transformative infrastructure that will fundamentally transform the world’s automotive environment. This investment is not only a vote of confidence in our team and
technology, but a testament to how together we are pioneering transformational change.
Comment from Hyperithm CEO Lloyd Lee
As an example of using blockchain technology in the real world, I felt that the layer 1 network built on the Cosmos SDK network provided by Soarchain was very interesting, so I participated in the round. It is also wonderful that we are currently working with a major Japanese automaker on a trial basis in India with the approach of “V2X” (Vehicle to Everything Technology).
We hope that Soarchain will continue to support innovative approaches that not only follow technology trends, but also shape the future of automobiles.
About Hyperithm Group
Since its founding in January 2018, Hyperithm has been developing a crypto asset wealth management business targeting institutional investors based in Japan and South Korea. In Japan, we have completed the notification of special business for qualified institutional investors, etc., and in South Korea, we have completed the
notification of crypto-asset business equivalent to Japan’s
crypto-asset exchange business. In March 2022, we raised funds from Coinbase Ventures in a Series B bridge round. From May 2022, we have started operating the first bitcoin-denominated fund in Japan based on special business for qualified institutional investors. In addition, in June 2022, we formed the Web3 Fund with the aim of revitalizing the Web3 ecosystem and are actively investing.
Company name: HYPERITHM Co., Ltd.
Representative: Representative Director Lloyd Lee
Head office location: 1-6-1 Otemachi, Chiyoda-ku, Tokyo Otemachi Building 4th floor, inside FINOLAB
Established: January 2018
Number of officers and employees: 30 (including affiliated companies) Overseas base: South Korea
Company HP: https://hyperithm.jp
Hyperithm Invests in “Soarchain,” Connectivity Infrastructure for Vehicles. Hyperithm invests in “Soarchain,” a decentralized connectivity layer for real-time transactions between vehicles.
Soarchain is a Layer 1 built on Cosmos SDK network that enables a token-incentivized data and connectivity infrastructure for mobility. With its native smart contracts, Soarchain enables decentralized applications specific to mobility, creating a dApp ecosystem for cars, leading to a revolution of more Efficient, cost-effective, and eco-friendly transportation.
Soarchain offers a trustless, permissionless, decentralized and distributed way to enable connectivity between vehicles.
Participant vehicles of the network are incentivized to
cryptographically prove their availability to the other participants by broadcasting standardized V2X messages.
The broadcast messages are received and verified by other network participants. Broadcasting honest and correct messages & receiving and verifying these messages are rewarded through the network’s incentive mechanism. For more information, visit: https://www.soarchain.com/
Kerem Ozkan, CEO of Soarchain’s Comment
We are ecstatic to welcome Hyperithm on board as an investor in Soarchain. Their dedication to innovation aligns perfectly with our mission to redefine the mobility landscape. With Hyperithm’s investment, we can further accelerate our vision of creating a novel infrastructure that will fundamentally transform mobility experiences worldwide. This investment is not only a vote of confidence in our team and technology but also a testament to the revolutionary changes we’re ushering in together.
Lloyd Lee, CEO of Hyperithm’s Comment
As an example of real-world use of blockchain technology, I found the Layer 1 network built on the Cosmos SDK network provided by Soarchain to be very interesting, which is why I joined the round.
It is also great that they are actually working with a major Japanese car manufacturer on a pilot implementation in India using the “V2X” (Vehicle to Everything Technology) approach.
I feel that Soarchain will continue to support innovative approaches that not only follow technology trends but also shape the future of automobiles.
About Hyperithm Group
Since its foundation in 2018, Hyperithm, operating from Japan and Korea, has been heavily involved in developing its crypto asset wealth management business for an array of institutional investors as well as others. March 2022 marked another major milestone as Hyperithm completed a Series B bridge round funding from Coinbase Ventures. In May 2022, the company began managing Japan’s first Bitcoin-denominated fund under the Qualified Institutional Investors Exemption Program. In June 2022, we established a Web3 ecosystem fund with the aim of revitalizing the Web3 ecosystem and have been actively Investing in promising projects that seek to positively contribute to the growth of Web3.
For more information, visit: https://hyperithm.jp
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