October 3, 2024 - Aptos Labs announced an agreement to acquire HashPalette Inc., a subsidiary of HashPort Inc. and the developer of the Palette blockchain. Under the agreement, HashPort will migrate Palette Chain and HashPalette's applications to the Aptos network, including the EXPO2025 digital wallet for the 2025 Osaka, Kansai Japan Expo. This acquisition is a key component of Aptos Labs' expansion into the Asian market and will bring the high-performance Aptos blockchain to one of the world's most innovative digital economies. It should be noted that the transaction has not yet been finalized and is still in the final approval stage.
Why choose Japan?
Aptos Labs' acquisition of HashPalette is a strategic move that enables it to enter the blockchain market in Japan. HashPalette has strong relationships with major Japanese businesses, including KDDI, making this acquisition a gateway to some of the most influential companies in Japan. Leveraging these relationships, coupled with the powerful technology of the Aptos Network, Aptos Labs is able to drive Web3 adoption in Japan in the entertainment, gaming, and digital asset sectors.
The agreement also demonstrates Aptos Labs’ commitment to the Japanese market, enabling the company to deliver scalable, secure and user-friendly blockchain technology that meets Japan’s unique needs. Aptos is one of the fastest growing Layer1s with a total locked value (TVL) of over $550 million, a testament to the growing popularity of its technology around the world.
"Aptos Labs takes the Japanese market very seriously," said Mo Shaikh, Founder and CEO of Aptos Labs. "The agreement to acquire HashPalette and migrate HashPort's Palette Chain to Aptos is an important first step in empowering Japanese businesses and developers to access cutting-edge blockchain technology."
2025 Osaka, Kansai Japan Expo
Aptos will be the exclusive blockchain-enabled partner for the digital wallet at EXPO2025, the largest and most prestigious international expo in Osaka, Kansai, Japan, which is expected to attract more than 28 million visitors between April and October 2025.
The collaboration will allow Expo attendees to interact with NFTs, digital assets, and decentralized applications through the Aptos-powered EXPO2025 digital wallet. Use cases may include exhibition hall reservations, ticket purchases, and user engagement activities such as loyalty programs and digital collectibles. The collaboration will demonstrate Aptos Labs' ability to provide secure, scalable, and user-friendly blockchain solutions on a global scale.
Commitment to Japanese businesses and ecosystem
In addition to the protocol, Aptos Labs has also entered into a strategic partnership with HashPort, a leading blockchain consulting and solutions company in Japan. This partnership will enable HashPort to continue to leverage the infrastructure of the Aptos network to build blockchain solutions for its enterprise clients, further driving mass adoption of Web3 in the country.
Aptos Labs will support local developers, NFT creators, and businesses to help foster a strong and organic Japanese Web3 community. The company also plans to collaborate with Japanese universities, research institutions, and blockchain startups to contribute to an active ecosystem of Web3 innovators.
Palette Chain Migration
HashPalette has developed one of Japan's most prominent blockchain ecosystems, focusing on entertainment, games, anime, and digital assets. By migrating Palette Chain to the Aptos network, users and developers will gain better scalability, security, and development tools, driving a new wave of Web3 innovation in Japan.
Palette Chain’s governance token holders PLT are expected to be able to redeem their PLT tokens for APT (the native token of Aptos) starting in late November. Token holders can redeem PLT through participating Japanese crypto asset trading service providers, and discussions with these providers are still ongoing. To ensure a smooth transition, APT tokens are expected to have a one-year lock-up period, prohibiting any sales or transfers during this period. Further details on the token redemption process and integration plans will be announced closer to the redemption date, and the redemption will be subject to the successful completion of the acquisition.
About Aptos Labs
Aptos Labs was co-founded by Mo Shaikh and Avery Ching and is dedicated to creating better web tools and seamless usability to bring the benefits of decentralization to the masses. Aptos Labs is backed by top investors including a16z, Katie Haun, Apollo Global Management, Dragonfly, PayPal Ventures, and Franklin Templeton Investments.
About Aptos Network
Aptos is a next-generation Layer 1 blockchain designed to evolve, improve performance, and enhance user security.
