On October 3, 2024, Aptos Labs announced the official acquisition of HashPalette Inc., a subsidiary of HashPort Inc., which developed PaletteChain.
According to the agreement, HashPort will migrate PaletteChain and the applications of HashPalette to the Aptos network, including the EXPO2025 digital wallet provided for the 2025 Osaka Kansai Expo. This acquisition will help Aptos Labs expand its influence in Asia and introduce the high-performance Aptos Network into one of the world's key digital economies.
Why Japan?
The agreement for Aptos Labs to acquire HashPalette is a strategic move for its entry into the Japanese blockchain market. HashPalette has established solid relationships with several Japanese companies, including KDDI, making this acquisition a link to some of Japan's most influential companies. Aptos Labs aims to leverage these relationships, combined with the powerful technology of the Aptos network, to drive Web3 adoption in Japan's entertainment, gaming, and digital asset sectors.
The agreement also demonstrates Aptos Labs' commitment to the Japanese market, enabling the company to provide scalable, secure, and user-friendly blockchain technology to meet Japan's unique needs. Aptos is one of the fastest-growing Layer 1 blockchains, with a total value locked (TVL) exceeding $550 million, proving the increasing global adoption of its technology.
Mo Shaikh, founder and CEO of Aptos Labs, stated, "Japan is a key market for Aptos Labs. The acquisition of HashPalette and the migration of HashPort's Palette Chain to Aptos is a crucial step in providing cutting-edge blockchain technology to Japanese businesses and developers."
2025 Osaka Kansai Expo
Aptos will be the exclusive blockchain provider for digital wallet support at the 2025 Osaka Kansai Expo in Japan. As the largest and most prestigious international exhibition, the 2025 Osaka Kansai Expo is expected to attract over 28 million visitors from April to October 2025.
This collaboration will allow expo participants to interact with NFTs, digital assets, and decentralized applications through the Aptos-supported EXPO2025 digital wallet. Use cases may include venue bookings, 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 Businesses and Ecosystem
In addition to the agreement, Aptos Labs will establish a strategic partnership with HashPort, a leading blockchain consulting firm in Japan. This collaboration will enable HashPort to continue building blockchain solutions for its enterprise clients using the infrastructure of the Aptos Network, further driving the large-scale adoption of Web3 in Japan.
Aptos Labs will support local developers, NFT creators, and businesses, helping to cultivate a strong and organic Web3 community in Japan. The company also plans to collaborate with Japanese universities, research institutions, and blockchain startups to contribute to a vibrant ecosystem of Web3 innovators.
Migration of Palette Chain
HashPalette has developed one of Japan's prominent blockchain ecosystems, focusing on entertainment, gaming, anime, and digital assets. By migrating PaletteChain to the Aptos network, users and developers will gain superior scalability, security, and development tools, driving a new wave of Web3 innovation in Japan.
The governance token of PaletteChain, PLT, will begin exchanging for Aptos' native token, APT, at the end of November. PLT token holders can exchange their tokens through Japanese crypto asset trading service providers. Currently, Aptos Labs is in discussions with service providers to ensure a smooth transition during this phase, where the exchanged APT tokens are expected to be locked for one year, prohibiting any sales or transfers during that period. More details regarding the token exchange process and integration plans will be announced closer to the exchange date, contingent upon the successful completion of the acquisition.
About Aptos Labs
Aptos Labs was co-founded by Mo Shaikh and Avery Ching, dedicated to creating better network 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 Network
Aptos is a next-generation Layer 1 blockchain designed to continuously evolve, enhance performance, and improve user security.
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