Aptos Labs acquires HashPalette, expanding its blockchain presence in Japan.
Palette Chain integrates into Aptos for improved scalability and global access.
Aptos Labs, the developer behind the Layer-1 blockchain Aptos, announced on October 3 its acquisition of HashPalette, a subsidiary of HashPort and the developer of Palette Chain. The acquisition signifies a strategic partnership between Aptos Labs and HashPort, integrating Palette Chainâs NFT distribution platform into Aptosâ ecosystem.
Palette Chain, known for its focus on NFT distribution, gained recognition after its Palette Token (PLT) became Japanâs first Initial Exchange Offering (IEO) on Coincheck in 2021. The IEO raised „930 million, with applications exceeding „22.45 billion. However, with the recent downturn in the cryptocurrency market, PLTâs value has fallen below its initial public offering price.
BIG NEWS: We've agreed to acquire @hashpalette_en, the pioneers behind Japan's Palette Chain! This is a game-changer for Japan & the Aptos ecosystem. This underscores our commitment to Japan, supercharging their booming digital economy with @Aptos cutting-edge tech pic.twitter.com/NjAYhT7ez1
â Aptos Labs (@AptosLabs) October 3, 2024
Moreover, HashPaletteâs blockchain has also been used for innovative projects such as the EXPO2025 Digital Wallet, supporting initiatives for the Osaka-Kansai Expo in 2025. With the migration to Aptos, two of Japanâs five IEO projects will transition to Aptosâ high-performance blockchain network.
Leadersâ Optimism
Mo Shaikh, CEO of Aptos Labs, emphasized the importance of the Japanese market, stating that the integration would enhance scalability, security, and ease of access to global Web3 markets. This acquisition is also a key element of Aptos Labsâ expansion into Asia, reflecting its ambition to advance blockchain adoption in innovative digital economies.
HashPortâs Chairman, Yoshihiro Yoshida, expressed optimism, highlighting that Aptosâ global infrastructure would accelerate the social implementation of Web3 services. The collaboration is expected to drive mass adoption of Web3 in Japan, especially with the upcoming Expo 2025.
Additionally, Aptos Labs has partnered with Franklin Templeton to integrate the Franklin OnChain US Government Money Fund on Aptos. It showcases its commitment to bridging TradFi and DeFi worlds through real-world asset tokenization.
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