IndieSquare
IndieSquare is a Tokyo-based blockchain startup operating patented HAZAMA cross-chain technology and the HAZAMA BASE no-code Web3 platform for NFT issuance and DAO management. It serves Japanese enterprises, government bodies, creators, and DAOs via SaaS subscriptions, managed services, RWA pilots, and technology licensing.
- Company typePrivate
- Founded2015
- HeadquartersTokyo, Japan
- Headcount1–10
- GTM typeB2B and B2C
- OfferingSoftware
What IndieSquare does
IndieSquare Co., Ltd. (株式会社IndieSquare) is a Tokyo-based, privately held blockchain startup founded in September 2015 by Representative Director Hoshino Yuta (星野 裕太). The company operates a proprietary, patented blockchain stack centered on HAZAMA, a consortium-type sidechain using Proof of Authority consensus with 0.5-1 second transaction finality, non-Turing complete smart contracts for safety, and gas-free transactions; HAZAMA is protected by Japanese Patent No. 6788875 (granted November 5, 2020) covering cross-chain digital asset transfer across Ethereum, Polygon, and Bitcoin-equivalent networks. Lightweight HAZAMA nodes are designed to run on devices as small as a Raspberry Pi.
On top of HAZAMA, IndieSquare builds and sells no-code Web3 products. HAZAMA BASE is the primary SaaS platform, allowing users to issue NFTs, POAPs, SBTs, governance tokens, BUNDLE packages, Burn-to-Redeem instruments, and DAOs without coding or holding cryptocurrency; it supports NFT issuance on HAZAMA, Ethereum, Polygon, Celo, Avalanche, BNB, Astar zkEVM, and Worldchain, with over 1,000 projects created since its May 2022 beta. MARUNAGE NFT is a managed-service wrapper around HAZAMA BASE that handles issuance, wallet management, gas-cost absorption, and invoice-based JPY billing for enterprises and government bodies, starting at JPY 100,000 per engagement. hazBase, launched as a pilot in November 2025, extends the stack into RWA tokenization (accounts receivable, bond fractionalization, jurisdiction-compliant token design) with ongoing R&D for Bitcoin L2 Liquid Network issuance in partnership with Blockstream. The company also licenses HAZAMA technology to third-party platforms (notably FORO/HABET under UUUM Group).
IndieSquare's customer base is concentrated in Japan and skews to high-credential but modest-budget enterprise and public-sector accounts: the Cabinet Secretariat, LDP Youth Bureau, MP Masaaki Taira, Teshima Corporation, Funabashi FC (DAO governance), Umi-Bushi (artist), and e-dash (Mitsui subsidiary) for carbon-credit tokenization. The company has no disclosed funding rounds, parent, or headcount, operates from Shibuya, Tokyo, and generates revenue through a mix of SaaS subscriptions, agency/managed service fees, RWA platform pilots, and blockchain technology licensing. Its core distribution channels are a self-serve web platform, direct enterprise sales, and OEM/white-label licensing.
IndieSquare firmographics
Firmographics- Name
- IndieSquare
- Legal name
- 株式会社IndieSquare (IndieSquare Co., Ltd.)
- Website
- https://indiesquare.co.jp
- Company type
- Private
- Founded year
- 2015
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- IndieSquare is a Tokyo-based blockchain startup operating patented HAZAMA cross-chain technology and the HAZAMA BASE no-code Web3 platform for NFT issuance and DAO management. It serves Japanese enterprises, government bodies, creators, and DAOs via SaaS subscriptions, managed services, RWA pilots, and technology licensing.
- Ownership category
- akta.pro rank
IndieSquare industry classification
Industry- Product category
- Blockchain Infrastructure / Web3 Platform
- NAICS
- Software Publishers (5132)
- akta.pro primary industry
- In-Game Asset Standards & Infrastructure (NFT items, marketplaces, royalties, asset registries) (FSAPAGAE)
- akta.pro secondary industries
- Interoperability & Asset Bridging for Games (cross-game/cross-chain assets) (FSAPAGAJ), Player Wallets, Identity & Accounts for Games (embedded wallets, SSO, DID) (FSAPAGAF), On-Chain Game Engines & Developer Tooling (SDKs, APIs, Unity/Unreal plugins) (FSAPAGAB)
Keywords
Where IndieSquare is headquartered
LocationHeadquarters
- HQ city
- Tokyo
- HQ country
- Japan
- HQ region
- Asia
Offices1 record
Markets served
IndieSquare business model
Business model- GTM type
- B2B and B2C
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Operations, Marketing or Sales, Infrastructure
Revenue model
- HAZAMA BASE SaaS Subscriptions: Free tier with limited features; paid plans unlock higher NFT distribution limits, optional gasless functionality, and advanced features. Revenue from platform subscription plans.
- MARUNAGE NFT Service Fees: Full-service NFT issuance and sales agency for enterprises, starting at 100,000 JPY. Company covers cryptocurrency/gas costs on behalf of clients, invoiced in JPY.
- hazBase RWA Tokenization Platform: Business-oriented RWA (Real-World Assets) tokenization infrastructure offered through pilot programs, targeting enterprises for tokenizing receivables, bonds, and physical assets.
- License Fees (HAZAMA Technology): Licensing of patented HAZAMA blockchain technology to third-party companies (e.g., FORO/HABET).
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Freemium | Monthly | HAZAMA BASE Free Tier |
| Subscription | Monthly | HAZAMA BASE Paid Plans |
| Unit Pricing | Pay-as-you-go | MARUNAGE NFT Service |
Go-to-market motion2 records
Distribution channels4 records
Marketing channels5 records
IndieSquare product offering
Product offeringCore offering
IndieSquare builds and operates the proprietary HAZAMA sidechain blockchain and the HAZAMA BASE no-code Web3 platform, enabling organizations and individual creators to issue NFTs, run token-gated communities, and deploy Web3 features without programming. It also delivers MARUNAGE NFT, a managed white-glove NFT issuance service, and hazBase, a pilot platform for real-world asset (RWA) tokenization, with gas fees absorbed by the company on behalf of clients.
Product overview
IndieSquare offers a layered product portfolio centered on its proprietary HAZAMA blockchain technology (patent #6788875) and the HAZAMA BASE no-code Web3 platform. The core HAZAMA blockchain serves as the foundational infrastructure providing cross-blockchain interoperability via a sidechain architecture with gas-free transactions. HAZAMA BASE is the primary end-user-facing SaaS product—a no-code platform enabling NFT issuance, DAO management, and tokenization without coding or cryptocurrency. MARUNAGE NFT is a managed service wrapper around HAZAMA BASE that handles full NFT project execution (development, issuance, sales) on behalf of enterprise and government clients. hazBase extends the portfolio into RWA (Real-World Asset) tokenization for business use cases such as accounts receivable and bond fractionalization. A legacy IndieSquare Wallet mobile application also exists but is not part of the current primary product focus.
Differentiator
Problem solved
Functional benefit
Brands
- HAZAMA: Patented next-generation blockchain technology enabling cross-chain digital asset transfer. Consortium-type blockchain using PoA consensus algorithm.
- HAZAMA BASE
- MARUNAGE NFT
- hazBase
Products and services
- HAZAMA BASE No-code Web3/NFT issuance platform built on the proprietary HAZAMA sidechain. Enables organizations and individual creators to issue NFTs on Ethereum, Polygon, Avalanche, and BNB Chain, and to build token-gated communities without writing code. Available with a free tier and paid SaaS plans.
- MARUNAGE NFT
Quantifiable outcome
- 1,000+ projects created on HAZAMA BASE platform
- +3 more outcomes
Companies that use IndieSquare
Customer profileNamed customers6 records
Segments4 records
Ideal customer profiles3 records
IndieSquare technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature5 records
IndieSquare partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered strategic and core.
- Blockstream Corporation Inc.strategicR&D partnership with Blockstream to enable RWA (Real-World Assets) token issuance on Bitcoin L2 Liquid Network, integrating with IndieSquare's hazBase platform for Japanese enterprise customers.
- e-dash Corporation (Mitsui & Co. subsidiary)strategicPartnership to experiment with NFT-izing carbon credits and transparent carbon offsetting via blockchain burn, integrating e-dash's CO2 emission visualization cloud service with IndieSquare's NFT tokenization technology.
- TREE Digital StudiocoreBusiness partnership in the NFT domain combining TREE Digital Studio's digital content production capabilities (video editing, CG, xR, metaverse) with IndieSquare's HAZAMA BASE NFT issuance platform, targeting leadership in the NFT market.
- bitFlyer HoldingscoreCollaborative NFT issuance with bitFlyer Holdings for the Cabinet Secretariat's Digi田 Championships award NFTs, alongside TREE Digital Studio and Tomonari Kogeido (友成工芸). bitFlyer handled NFT creation for trophies.
- FORO Corporation (UUUM Group)coreFORO Corporation (UUUM Group) entered a license agreement for IndieSquare's patented HAZAMA blockchain technology. FORO used HAZAMA to power HABET, a digital trading card NFT marketplace launched summer 2021, enabling NFT issuance with zero gas fees and credit card payment support.
Scale indicators3 records
Recent moves6 records
Expansion highlights5 records
IndieSquare competitors and assessment
Company assessmentBroad incumbents
- Polygon Labs: Major L2/sidechain ecosystem that IndieSquare integrates with (HAZAMA supports Polygon and Polygon zkEVM). Acts as both a partner and a competitive platform — Polygon offers its own no-chain-required NFT tooling at much larger scale.
- Alchemy: Major Web3 infrastructure platform providing node services, APIs, and developer tooling across many chains. Overlaps with HAZAMA's positioning as cross-chain developer infrastructure and competes indirectly with the HAZAMA BASE platform via Alchemy's broader NFT APIs.
- Coinbase Cloud (formerly Bison Trails): Coinbase's Web3 infrastructure arm offering node services, staking, and APIs across many chains. Comparable to HAZAMA's infrastructure positioning and a competitive threat as Coinbase expands developer tooling for enterprise NFT and tokenization use cases.
Direct peers
- Thirdweb: Provides a no-code/low-code Web3 platform for NFT issuance, token launches, and smart-contract deployment across multiple chains. Closely comparable to HAZAMA BASE in product concept (no-code NFT/token issuance for non-developers) and target buyer (enterprises and creators), though with a global rather than Japan-focused footprint.
- Crossmint: Enterprise-focused NFT infrastructure and APIs enabling brands to mint, distribute, and manage digital assets without crypto friction. Highly comparable to MARUNAGE NFT's enterprise-concierge positioning and to HAZAMA BASE's white-label issuance capabilities.
- NFTPort: NFT infrastructure provider offering APIs and no-code tools for minting, transferring, and managing NFTs across chains. Comparable to IndieSquare's developer-tooling layer (HAZAMA, cross-chain APIs) and its multi-chain NFT support.
Regional players
- Astar Network: Japanese public blockchain (Astar zkEVM, supported by Sony, Hakuhodo, JAL) that HAZAMA BASE has integrated. Comparable as a Japan-focused blockchain platform targeting enterprise and government adoption, sometimes competing for the same enterprise mindshare.
- DoubleJump.tokyo: Tokyo-based blockchain game studio and Web3 infrastructure company (operator of Oasys, MyCryptoHeroes, etc.). Comparable as a Japan-based Web3 startup competing for the same enterprise and government attention, and an integration partner for cross-chain NFT use cases.
Emerging players
- Securitize: RWA tokenization platform enabling regulated issuance of tokenized securities and real-world assets. Directly comparable to hazBase's RWA tokenization focus (receivables, bonds, asset fractionalization), though Securitize targets US/EU institutional markets.
- Magic Eden: Multi-chain NFT marketplace where HAZAMA BASE-minted NFTs (Ethereum/Polygon) can be listed for secondary sales. Comparable via the marketplace side of IndieSquare's NFT value chain, with stronger consumer brand and liquidity.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
IndieSquare social profiles
Digital presenceIndieSquare financial estimates
Financial estimateRevenue estimate
Valuation estimate
IndieSquare leadership team
Management profileNumber of profiles
Profiles2 records
IndieSquare funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
IndieSquare M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about IndieSquare
What does IndieSquare do?
IndieSquare builds and operates the proprietary HAZAMA sidechain blockchain and the HAZAMA BASE no-code Web3 platform, enabling organizations and individual creators to issue NFTs, run token-gated communities, and deploy Web3 features without programming. It also delivers MARUNAGE NFT, a managed white-glove NFT issuance service, and hazBase, a pilot platform for real-world asset (RWA) tokenization, with gas fees absorbed by the company on behalf of clients.
Is IndieSquare a public or private company?
IndieSquare is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was IndieSquare founded?
IndieSquare was founded in 2015. It employs 1 to 10 people.
Where is IndieSquare based?
IndieSquare is headquartered in Tokyo, Japan, in the Asia region.
How does IndieSquare make money?
Four revenue lines are on record. HAZAMA BASE SaaS Subscriptions are the primary driver. The others are MARUNAGE NFT Service Fees, hazBase RWA Tokenization Platform and license Fees (HAZAMA Technology).
Who are IndieSquare's main competitors?
Broad incumbents on record are Polygon Labs, Alchemy and Coinbase Cloud (formerly Bison Trails). Direct peers are Thirdweb, Crossmint and NFTPort. Regional players are Astar Network and DoubleJump.tokyo. Emerging players are Securitize and Magic Eden.
Does IndieSquare have an API?
No public API is recorded for IndieSquare.
What industry is IndieSquare in?
IndieSquare's product category is Blockchain Infrastructure / Web3 Platform. Its primary akta.pro industry code is FSAPAGAE, In-Game Asset Standards & Infrastructure (NFT items, marketplaces, royalties, asset registries), with a secondary code of FSAPAGAJ, Interoperability & Asset Bridging for Games (cross-game/cross-chain assets). Its NAICS code is 5132.