Aptos Labs Enters Japanese Market with Acquisition of HashPalette

cdLast Updated: October 3, 2024

3 minutes read

On October 3, 2024, Aptos Labs announced a groundbreaking agreement to acquire HashPalette Inc., a subsidiary of HashPort Inc. and the developer behind the Palette blockchain. As part of the agreement, HashPort will transition the Palette Chain and HashPalette applications to the Aptos network. Additionally, Aptos is developing a digital wallet for the 2025 Osaka-Kansai Expo in Japan. This acquisition marks a significant step for Aptos Labs in expanding its presence in Asia, aiming to introduce its high-performance Aptos blockchain to one of the world’s most innovative digital economies. The deal is subject to completion conditions and necessary approvals.

Aptos Labs Enters Japanese Market with Acquisition of HashPalette

Why Japan?

The decision to acquire HashPalette is a strategic move for Aptos Labs, allowing it to enter Japan’s blockchain market. HashPalette has established strong relationships with major Japanese companies, including KDDI, making this acquisition a gateway for Aptos Labs to access some of Japan’s most influential enterprises. Leveraging these connections along with the robust technology of the Aptos network, Aptos Labs is poised to drive the adoption of Web3 in Japan’s entertainment, gaming, and digital asset sectors.

This partnership also underscores Aptos Labs’ commitment to the Japanese market, enabling the company to tailor scalable, secure, and user-friendly blockchain solutions to meet the unique demands of the region. Aptos is one of the fastest-growing Layer 1 blockchains, with a total value locked (TVL) exceeding $550 million, indicating increasing global adoption of its technology.

Aptos Labs co-founder and CEO Mo Shaikh 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 Osaka-Kansai Expo

Aptos will serve as the exclusive blockchain technology partner for the digital wallet (EXPO2025 DIGITAL WALLET) at the 2025 Osaka-Kansai Expo. As the largest and most prestigious international exposition, the event 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 digital wallet. Potential applications may include booth reservations, ticketing, and user engagement activities like loyalty programs and digital collectibles. The partnership will showcase Aptos Labs’ ability to deliver secure, scalable, and user-friendly blockchain solutions on a global scale.

Commitment to Japanese Businesses and Ecosystem

Beyond the acquisition, Aptos Labs plans to establish a strategic partnership with HashPort, a leading blockchain consulting and solutions company in Japan. This collaboration will empower HashPort to continue building blockchain solutions for its enterprise clients using the Aptos network, further advancing the large-scale adoption of Web3 in Japan.

Aptos Labs aims to support local developers, NFT creators, and businesses to cultivate a robust and organic Web3 community in Japan. The company also intends 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 largest blockchain ecosystems, focusing on entertainment, gaming, anime, and digital assets. By migrating the Palette Chain to the Aptos network, users and developers will benefit from enhanced scalability, security, and development tools, fostering a new wave of Web3 innovation in Japan.

Holders of Palette Chain’s governance token, PLT, will be able to exchange their tokens for Aptos’s native token, APT, starting at the end of November. Token holders can engage with participating cryptocurrency trading service providers in Japan for the PLT exchange, with negotiations currently underway. To ensure a smooth transition, the exchanged APT tokens will be subject to a one-year lock-up period, prohibiting any sales or transfers during that time. Further details about the token exchange process and integration plans will be shared closer to the exchange date, contingent upon the successful completion of the acquisition.

About Aptos Labs

Aptos Labs, co-founded by Mo Shaikh and Avery Ching, is dedicated to creating superior network tools and seamless user experiences to bring the advantages of decentralization to the masses. The lab is backed by top investors, including a16z, Katie Haun, Apollo Global Management, Dragonfly, PayPal Ventures, and Franklin Templeton Investments. These investors provide not only financial support but also extensive industry experience and resources to help drive the ongoing development and improvement of the Aptos network.