Layer 1 blockchain network Aptos has announced its acquisition of Japanese blockchain developer HashPalette, marking a key expansion into the Japanese blockchain market.
Aptos Labs, the company behind the Aptos Network layer 1 blockchain, announced the acquisition of HashPalette Inc., a subsidiary of HashPort Inc. and developer of the Palette blockchain, in a strategic move into the Japanese blockchain market. the blockchain.
In an October 3 Medium announcement, Aptos Labs said that under the agreement, HashPalette, which has established ties with several Japanese companies, would migrate its Palette chain as well as its applications to the Aptos network by early 2025. The PLT token is expected to have the option to exchange it for APT, although the details of the process remain to be clarified.
The integration is expected to be completed before Expo 2025 in Osaka, where Aptos will serve as the proprietary blockchain powering the event’s digital wallet system. The partnership will allow Expo attendees to interact with non-fungible tokens, digital assets and decentralized applications through Aptos infrastructure, the announcement said.
Following this announcement, the price of (APT), the native token of Aptos Network, jumped 7.32% to $8.24, while PLT plunged 15%. Aptos emphasized 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, named Ankaa, is intended to drive growth through an accelerator program that provides venture capital support, targeted mentorship, market exposure and access to a broad network of industry experts for selected projects.
