Aptos Expands in Japan with HashPalette Acquisition
The acquisition serves as a gateway for Aptos, connecting it with key businesses and stakeholders in the Japanese market.
Aptos has recently announced its acquisition of HashPalette, the developer behind Palette Chain. This strategic move will see all applications from Palette Chain integrated into the Aptos Blockchain.
Palette Chain, which started in 2021 in Japan, focuses on NFTs and aims to enhance content distribution while promoting Japanese entertainment culture globally. During its initial coin offering on Coincheck, Japan’s largest exchange, the project raised $9 million. Over the past three years, it has issued 4 million NFTs and logged over 25.82 million transactions across 347,000 wallet addresses.
Despite these numbers, Palette Chain has struggled to compete with other layer 1 blockchains, and the NFT market has slowed significantly, casting doubt on a potential resurgence.
From Aptos’s perspective, however, acquiring HashPalette aligns with their goal of penetrating the Japanese market. HashPalette’s strong local connections could prove invaluable in facilitating Aptos’s entry into Japan. Mo Shaikh, the CEO of Aptos Labs, highlighted the acquisition as a gateway to major Japanese businesses and a support structure for local Web3 developers, NFT creators, and enterprises.
Notably, Palette Chain supports the “EXPO2025 Digital Wallet” by Hashport, set to be used at the Osaka-Kansai Expo 2025—an event expected to draw over 28 million visitors. Aptos will now become the exclusive blockchain platform for this digital wallet, showcasing its technology at one of the world’s largest international exhibitions.
In addition to the agreement, Aptos is forming a strategic partnership with HashPort, Japan’s top blockchain consulting and solutions firm. HashPort will leverage Aptos Network’s infrastructure to develop blockchain solutions for its enterprise clients, thereby promoting further Web3 adoption in Japan.
Aptos also plans to collaborate with Japanese universities, research institutions, and blockchain startups to further expand its presence in the Japanese market.
The transition will begin in late November, with the Palette (PLT) token being redeemable for Aptos (APT), at an exchange rate of 0.00339139 APT per PLT. Redemption will be facilitated through cryptocurrency exchanges, marking the beginning of a phased integration process. To facilitate a seamless transition, a one-year lock-up period for APT tokens is expected, during which any sale or transfer will be prohibited.
In addition, “THE LAND Elf Crossing,” a popular play-to-earn game on Palette Chain, will gradually be migrated to the Aptos network, along with all issued NFTs.
Following the announcement, the market reacted with Aptos’s APT token increasing by approximately 8%, while Palette’s PLT fell by over 20%. Notably, the PLT token is currently trading significantly below its redemption value.
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