Aptos Labs Announces Strategic Expansion into Japan with its Agreement to Acquire HashPalette, Developer of Palette Chain

Palo Alto, USA, October 3rd, 2024, Chainwire

Aptos Labs today announced its landmark agreement to acquire HashPalette Inc., a subsidiary of HashPort Inc. and developer of the Palette blockchain. As part of the agreement, HashPort will migrate the Palette Chain and HashPalette’s applications into the Aptos Network, including EXPO2025 DIGITAL WALLET for Expo 2025, Osaka, Kansai, Japan. This acquisition is a key component of Aptos Labs’ strategy to expand its footprint in Asia and bring the high-performing Aptos blockchain to one of the world’s most innovative digital economies. The transaction is subject to customary closing conditions and approvals.

Why Japan?

Aptos Labs’ agreement to acquire HashPalette is a strategic move that allows it to enter Japan’s blockchain market. HashPalette has built strong relationships with major Japanese enterprises, including KDDI, making this acquisition a gateway to some of Japan’s most influential companies. Leveraging these relationships, along with the powerful technology of the Aptos Network, Aptos Labs is positioned to drive Web3 adoption across entertainment, gaming, and digital asset sectors in Japan.

The agreement also demonstrates Aptos Labs’ commitment to the Japanese market, as it enables the company to deliver scalable, secure, and user-friendly blockchain technology tailored to Japan’s unique needs. Aptos is one of the fastest-growing Layer 1 blockchains, with its Total Value Locked (TVL) surpassing 550 million (USD), a testament to the increasing adoption of its technology globally.

“Japan is a key market for Aptos Labs,” said Mo Shaikh, founder and CEO of Aptos Labs. “The agreement to acquire HashPalette and the migration of HashPort’s Palette Chain into Aptos are critical first steps toward empowering Japanese enterprises and developers with cutting-edge blockchain technology.”

Expo 2025, Osaka, Kansai, Japan

Aptos will serve as the exclusive blockchain powering EXPO2025 DIGITAL WALLET for Expo 2025, Osaka, Kansai, Japan. As the largest and most prestigious international exhibition, Expo 2025, Osaka, Kansai, Japan is expected to attract over 28 million visitors between April and 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 pavilion 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 at a global scale.

Commitment to Japanese Enterprises and Ecosystem

Beyond the agreement, Aptos Labs is entering into a strategic partnership with HashPort, the leading blockchain consulting and solutions company in Japan. This collaboration will enable HashPort to continue building blockchain solutions for its enterprise clients using Aptos Network’s infrastructure, further advancing mass Web3 adoption in the country.

Aptos Labs will support local developers, NFT creators, and enterprises to help foster a robust 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 of Web3 innovators.

Migration of Palette Chain

HashPalette has developed one of Japan’s most prominent blockchain ecosystems, with a focus on entertainment, gaming, anime, and digital assets. By migrating Palette Chain into the Aptos Network, users and developers will gain access to superior scalability, security, and developer tools, enabling a new wave of Web3 innovation in Japan.

Holders of Palette Chain’s governance token, PLT, are scheduled to be able to exchange their PLT tokens for APT, Aptos’s native token, starting in late November. Token holders can exchange PLT via participating Japanese crypto-asset exchange service providers, and discussions with these providers are currently ongoing. To ensure a smooth transition, a one-year lock-up period on APT tokens is anticipated, prohibiting any sale or transfer during this period. Further details about the token exchange process and integration plans will be announced closer to the exchange date, and the exchange will be subject to the successful closing of the acquisition.

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About Aptos Labs

Aptos Labs, co-founded by Mo Shaikh and Avery Ching, is dedicated to creating better network tooling and seamless usability to bring the benefits of decentralization to the masses. Aptos Labs is backed by top-flight 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. 

ContactCommsBrian PrincipatoAptos Labsbrian@hirschleatherwood.com

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