Aptos Labs, the firm behind the Layer 1 blockchain Aptos Network, has announced the acquisition of HashPalette Inc., a subsidiary of HashPort Inc. and the developer of the Palette blockchain, in a strategic move into the Japanese blockchain market. In an October 3 announcement on Medium, Aptos Labs said that under the agreement, HashPalette, which has established ties with several Japanese firms, will migrate its Palette Chain, as well as its applications, to the Aptos Network by early 2025.
It is expected that holders of the Palette Chain governance token, PLT, will have the opportunity to exchange it for APT, although the details of the process have not yet been finalized. The integration is scheduled to be completed before Expo 2025 in Osaka, where Aptos will serve as the exclusive blockchain. The partnership will allow Expo attendees to interact with non-fungible tokens, digital assets, and decentralized applications through the Aptos infrastructure, the announcement said.
Following the announcement, the price of Aptos, the native token of the Aptos Network, rose 7.32% to $8.24, while PLT fell 15%. Aptos noted that the acquisition is still pending customary closing conditions and approvals. The acquisition follows the Aptos Foundation’s recent collaboration with OKX Ventures to launch a $10 million fund aimed at supporting projects on the Aptos blockchain. The fund, called Ankaa, is designed to spur growth through an accelerator program that offers venture support, targeted mentorship, market entry, and access to a broad network of industry experts for selected projects.
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