This acquisition is a key component of Aptos Labs' expansion into the Asian market and will bring the high-performance Aptos blockchain into one of the world's most innovative digital economies.
October 3, 2024 — Aptos Labs announced that it has reached an agreement to acquire HashPalette Inc., a subsidiary of HashPort Inc., and the developer of the Palette blockchain. Under the agreement, HashPort will migrate the Palette Chain and HashPalette applications to the Aptos network, including the EXPO2025 digital wallet for the Osaka, Kansai Japan Expo in 2025. This acquisition is a key component of Aptos Labs' expansion into the Asian market and will bring the high-performance Aptos blockchain into one of the world's most innovative digital economies. It is important to note that the transaction has not yet been finalized and is still in the final approval stage.
Why Choose Japan?
The acquisition of HashPalette by Aptos Labs is a strategic move that enables it to enter the Japanese blockchain market. HashPalette has established strong relationships with major Japanese companies, including KDDI, making this acquisition a gateway to some of Japan's most influential companies. Leveraging these relationships, along with the robust technology of the Aptos network, Aptos Labs can drive Web3 adoption in Japan's entertainment, gaming, and digital asset sectors.
The agreement also demonstrates Aptos Labs' commitment to the Japanese market, allowing the company to provide scalable, secure, and user-friendly blockchain technology to meet Japan's unique needs. As one of the fastest-growing Layer 1 blockchains, Aptos has a total locked value (TVL) of over $550 million, proving its technology is increasingly gaining popularity worldwide.
“Aptos Labs places great importance on the Japanese market,” 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.”
EXPO2025 Osaka, Kansai Japan Expo
Aptos will be the exclusive blockchain support partner for the EXPO2025 digital wallet at the Osaka, Kansai Japan Expo in 2025. As the largest and most prestigious international expo, the 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-powered EXPO2025 digital wallet. Use cases may include booth reservations, ticket purchases, 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 has also established a strategic partnership with HashPort, a leading blockchain consulting and solutions company in Japan. This collaboration will enable HashPort to continue leveraging the infrastructure of the Aptos network to build blockchain solutions for its enterprise clients, further driving the large-scale adoption of Web3 in the country.
Aptos Labs will support local developers, NFT creators, and businesses, helping to cultivate a strong and organic Japanese Web3 community. The company also plans to collaborate with Japanese universities, research institutions, and blockchain startups to contribute to a vibrant ecosystem for Web3 innovators.
Migration of the Palette Chain
HashPalette has developed one of Japan's most renowned blockchain ecosystems, focusing on entertainment, gaming, anime, and digital assets. By migrating the 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.
Holders of the governance token PLT for the Palette Chain are expected to be able to exchange their PLT tokens for APT (the native token of Aptos) starting at the end of November. Token holders can exchange PLT through participating Japanese crypto asset trading service providers, with discussions with these providers 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 time. 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 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 the Aptos Network
Aptos is a next-generation Layer 1 blockchain designed to evolve, enhance performance, and improve user security.
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