Aptos Labs acquisition HashPalette, Depth layout Japanese Block chain market

Abstract generation in progress

On October 3, 2024, Aptos Labs announced the official acquisition of HashPalette Inc., a subsidiary of HashPort Inc., which developed Palette Chain.

According to protocol, HashPort will migrate the applications of Palette Chain and HashPalette to the Aptos network, including the EXPO 2025 digital Wallet provided for the 2025 Osaka Kansai Expo. This acquisition will help Aptos Labs expand its influence in Asia and introduce the high-performance Aptos Network to one of the world's important digital economic entities.

Why Japan?

Aptos Labs' acquisition of HashPalette's protocol is a strategic move to enter the Japanese blockchain market. HashPalette has established strong relationships with multiple Japanese companies, including KDDI, making this acquisition a link to some of Japan's most influential companies. With the help of these relationships and the powerful technology of the Aptos network, Aptos Labs is expected to drive the adoption of Web3 in entertainment, gaming, and digital asset fields in Japan.

The protocol also demonstrates Aptos Labs' commitment to the Japanese market, enabling the company to provide scalable, secure, and user-friendly Blockchain technology to meet Japan's unique needs. Aptos is one of the fastest rising Layer 1 Blockchains, with a total value locked (TVL) exceeding 5.5 billion US dollars, proving the increasing popularity of its technology globally.

Aptos Labs founder and CEO Mo Shaikh said, "Japan is an important market for Aptos Labs. Aptos Labs acquisition HashPalette protocol, and will migrate the Palette Chain of HashPort to Aptos, is a key step in providing cutting-edge blockchain technology to Japanese enterprises and developers."

2025 Osaka Kansai World Expo in Japan

Aptos will become the exclusive blockchain providing digital Wallet support for the 2025 Kansai Expo in Osaka, Japan. As the largest and most prestigious international exhibition, the 2025 Kansai Expo in Osaka, Japan is expected to attract over 28 million visitors from April to October 2025.

This collaboration will allow participants in the World Expo to interact through the Aptos-supported EXPO 2025 digital Wallet and Non-fungible Token, digital asset, and Decentralization applications. Use cases may include exhibition hall reservations, ticketing, and user participation in activities such as loyalty programs and digital collectibles. This collaboration will showcase Aptos Labs' ability to provide secure, scalable, and user-friendly blockchain solutions globally.

Commitment to Japanese Enterprises and Ecosystem

In addition to the protocol, Aptos Labs will also establish a strategic partnership with HashPort, a leading blockchain consulting company in Japan. This collaboration will allow HashPort to continue using Aptos Network's infrastructure to build blockchain solutions for its corporate clients, further promoting the widespread adoption of Web3 in Japan.

Aptos Labs will support local developers, Non-fungible Token creators, and enterprises to help 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 the vibrant Web3 innovator ecosystem.

Palette Chain Migration

HashPalette has developed one of the famous blockchain ecosystems in Japan, focusing on entertainment, gaming, animation, and digital asset. By migrating Palette Chain to the Aptos network, users and developers will have better scalability, security, and development tools, thereby driving a new wave of Web3 innovation in Japan.

Palette Chain's governance Token PLT will start exchanging Aptos' native Token APT at the end of November. PLT Tokenholders can exchange through a Japanese encryption asset trading service provider. Currently, Aptos Labs is in discussions with the service provider to ensure a smooth transition phase, during which the exchanged APT Tokens are expected to be in Lock-up Position for one year, with any sale or transfer prohibited during this period. More details about the Token exchange process and integration plan will be announced closer to the exchange date, with the exchange contingent on a successful acquisition.

About Aptos Labs

Aptos Labs, co-founded by Mo Shaikh and Avery Ching, is dedicated to creating better network tools and seamless user experience to bring the benefits of Decentralization to the public. Aptos Labs is backed by top investors, including a16z, Katie Haun, Apollo Global Management, Dragonfly, PayPal Ventures, and Franklin Templeton Investments.