On October 3, 2024, Aptos Labs announced a milestone partnership agreement to acquire HashPort Inc.'s subsidiary HashPalette Inc., the developer of the public blockchain Palette. According to the agreement, HashPort will migrate the Palette Chain and HashPalette applications to the Aptos network. Additionally, Aptos is developing the EXPO2025 digital wallet for the 2025 World Expo in Osaka, Japan. This acquisition is a key step for Aptos Labs to expand its footprint in Asia, aiming to introduce the high-performance Aptos blockchain to one of the world's most innovative digital economies. The transaction is subject to closing conditions and relevant approvals.
Why Choose Japan?
Aptos Labs' decision to acquire HashPalette is a strategic move that will enable it to enter the Japanese blockchain market. HashPalette has established strong relationships with major Japanese companies, including KDDI, and this acquisition will serve as a gateway for Aptos Labs to access some of Japan's most influential enterprises. With these relationships and the robust technology of the Aptos network, Aptos Labs is expected to drive the adoption of Web3 in Japan's entertainment, gaming, and digital asset sectors.
The partnership also reflects Aptos Labs' commitment to the Japanese market, allowing it to tailor scalable, secure, and user-friendly blockchain technology services to meet Japan's unique needs. Aptos is one of the fastest-growing Layer 1 blockchains, with a TVL exceeding $550 million, demonstrating the increasing global adoption of its technology.
Mo Shaikh, founder and CEO of Aptos Labs, stated: "Japan is a key market for Aptos Labs. Acquiring HashPalette and migrating HashPort's Palette Chain to Aptos is a crucial first step in providing top-tier blockchain technology to Japanese enterprises and developers."
2025 World Expo in Osaka, Japan
Aptos will be the exclusive blockchain technology provider for the 2025 World Expo in Osaka, Japan, specifically for the EXPO2025 DIGITAL WALLET. As the largest and most prestigious international exposition, the 2025 World Expo in Osaka is expected to attract over 28 million visitors from April to October 2025.
This collaboration will enable expo participants to interact with NFTs, digital assets, and decentralized applications through the Aptos-supported 2025 Expo digital wallet. Use cases may include booth reservations, ticketing, and user engagement activities such as loyalty programs and digital collectibles. This partnership will showcase Aptos Labs' ability to provide secure, scalable, and user-friendly blockchain solutions globally.
Commitment to Japanese Enterprises and Ecosystem
In addition to the partnership agreement, Aptos Labs will establish a strategic collaboration with HashPort, a leading blockchain consulting and solutions company in Japan. This partnership will allow HashPort to continue building blockchain solutions for its enterprise clients using the infrastructure of the Aptos network, further promoting the large-scale adoption of Web3 in Japan.
Aptos Labs will support local developers, NFT creators, and enterprises to help cultivate a strong and organic Web3 community in Japan. The company also plans to collaborate with universities, research institutions, and blockchain startups in Japan to contribute to a vibrant ecosystem of Web3 innovators.
Palette Chain Migration
HashPalette has developed one of Japan's largest blockchain ecosystems, focusing on entertainment, gaming, anime, and digital assets. By migrating the Palette Chain to the Aptos network, users and developers will gain exceptional scalability, security, and development tools, sparking a new wave of Web3 innovation in Japan.
Holders of the governance token PLT for the Palette Chain are expected to be able to exchange their PLT tokens for Aptos' native token APT starting at the end of November. Token holders can participate in PLT exchanges through Japanese crypto asset trading service providers, with Aptos currently negotiating with these providers. To ensure a smooth transition, the exchanged APT tokens will have a one-year lock-up period during which no sales or transfers are allowed. More detailed information regarding the token exchange process and integration plans will be announced closer to the exchange date, and the exchange will depend on the successful completion of the acquisition.
About Aptos Labs
Aptos Labs was co-founded by Mo Shaikh and Avery Ching, dedicated to creating better web tools and seamless user experiences to bring the advantages of decentralization to the masses. The lab is supported by top-tier investors, including a16z, Katie Haun, Apollo Global Management, Dragonfly, PayPal Ventures, and Franklin Templeton Investments. These investors not only provide funding for Aptos Labs but also bring extensive industry experience and resources to help drive the continuous development and improvement of the Aptos network.
About Aptos Network
Aptos is a next-generation Layer 1 blockchain designed to continuously innovate, enhance performance, and improve user security.
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