Original source: Rhythm
Reprinted: Koala, Mars Finance
On October 3, Aptos Labs announced its strategic expansion into the Japanese market through the acquisition of Palette chain developer HashPalette.
HashPalette is a subsidiary of HashPort Inc., the developer of the Palette blockchain. Under the agreement, HashPort will migrate the Palette chain and HashPalette's applications (including the EXPO2025 digital wallet for the 2025 Osaka Kansai Expo) to the Aptos network. This acquisition is an important part of Aptos Labs' expansion of its influence in the Asian market, while introducing the high-performance Aptos blockchain to one of the world's most innovative digital economies. The transaction is still subject to customary closing conditions and approvals.
Why choose Japan?
Aptos Labs' acquisition of HashPalette Protocol is a strategic move into the Japanese blockchain market. HashPalette has strong partnerships with major Japanese companies, including KDDI, making this acquisition a gateway into some of the most influential companies in Japan. By leveraging these relationships, as well as the powerful technology of the Aptos Network, Aptos Labs will drive the adoption of Web3 in Japan's entertainment, gaming, and digital asset sectors.
This agreement also demonstrates Aptos Labs’ commitment to the Japanese market, helping it deliver scalable, secure, and user-friendly blockchain technology that meets Japan’s unique needs. Aptos is one of the fastest growing Layer1s, with a TVL of over $550 million, demonstrating the growing adoption of its technology around the world.
“Japan is a key market for Aptos Labs,” said Mo Shaikh, founder and CEO of Aptos Labs. “This agreement to acquire HashPalette and migrate HashPort’s Palette chain to the Aptos Network is a critical first step in empowering Japanese businesses and developers with cutting-edge blockchain technology.”
Osaka Kansai Expo 2025
Aptos will serve as the sole blockchain provider for the digital wallet for EXPO2025, the world’s largest and most prestigious international expo, which is expected to attract more than 28 million visitors between April and October 2025.
Through this collaboration, Expo attendees will be able to experience NFTs, digital assets, and decentralized applications through the EXPO2025 digital wallet powered by Aptos. Application scenarios may include pavilion reservations, ticketing, and user engagement activities such as loyalty programs and digital collectibles. This collaboration will demonstrate Aptos Labs' ability to provide secure, scalable, and user-friendly blockchain solutions worldwide.
Commitment to Japanese companies and ecosystem
In addition to this agreement, Aptos Labs will also establish a strategic partnership with HashPort, a leading blockchain consulting and solutions company in Japan. Through this partnership, HashPort will continue to use the Aptos Network’s infrastructure to build blockchain solutions for its enterprise clients, further promoting the adoption of Web3 in Japan.
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 institutes, and blockchain startups to build a vibrant ecosystem for Web3 innovators.
Palette chain migration
HashPalette has developed one of Japan's most famous blockchain ecosystems, focusing on entertainment, games, animation, and digital assets. By migrating the Palette chain to the Aptos network, users and developers will be able to get better scalability, security, and development tools, driving a new round of Web3 innovation in Japan.
Holders of the Palette chain governance token PLT are expected to be able to exchange their PLT tokens for Aptos' native token APT starting in late November. Token holders can exchange through participating Japanese crypto asset trading service providers, and discussions are currently underway. To ensure a smooth transition, APT tokens are expected to have a one-year lock-up period during which sales or transfers are prohibited. More details on the token exchange process and integration plans will be announced closer to the exchange date, and the exchange will be subject to the successful completion of the acquisition.
About Aptos Labs
Aptos Labs was co-founded by Mo Shaikh and Avery Ching to create better web tools and seamless user experiences 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 Networks
Aptos is a next-generation Layer1 designed for continuous optimization, improved performance, and enhanced user security.
