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- Aptos Labs acquires HashPalette, migrating its blockchain and applications to the Aptos network, pending regulatory approvals.
- Aptos will provide the EXPO2025 digital wallet, allowing attendees to interact with NFTs, digital assets, and decentralized apps.
- PLT token holders can exchange for APT tokens, starting late November, with APT tokens locked for one year post-exchange.
Aptos Labs has announced the acquisition of HashPalette, the blockchain developer owned by HashPort Inc. This move significantly strengthens Aptos’ presence in the Japanese market.
BIG NEWS: We've agreed to acquire @hashpalette_en, the pioneers behind Japan's Palette Chain! This is a game-changer for Japan & the Aptos ecosystem. 🌏
— Aptos Labs (@AptosLabs) October 3, 2024
This underscores our commitment to Japan, supercharging their booming digital economy with @Aptos cutting-edge tech ⚡🌐 pic.twitter.com/NjAYhT7ez1
According to the agreement, HashPort will transfer the Palette chain and HashPalette’s applications, such as the EXPO2025 digital wallet, to the Aptos blockchain. Even though the acquisition is still dependent on typical closing conditions and regulatory approvals, it is anticipated to be completed soon.
Aptos’ Role
Aptos Labs is set to have a crucial part in the forthcoming EXPO2025 in Osaka. The Expo intends to employ the Aptos blockchain as the official digital wallet with a projection of reaching more than 28 million people.
The wallet enables attendees to interact with NFTs, digital assets, and decentralized applications. Moreover, the partnership for EXPO2025 also proves that Aptos is capable of offering scalable and accessible blockchain solutions securely to the people.
Palette Chain Migration
Moreover, as part of this acquisition, the Palette Chain will migrate from its existing infrastructure to the Aptos blockchain. This migration aims to enhance scalability, security, and development tools for users and developers.
Significantly, holders of the Palette governance token, $PLT, will be able to exchange their tokens for Aptos’ native $APT token starting in late November.
However, to ensure a smooth transition, the APT tokens will be locked for a year, meaning they cannot be sold or transferred during this period.
Collaboration With HashPort
Additionally, Aptos Labs plans to establish a strategic partnership with HashPort, a leading blockchain company in Japan. This partnership will focus on advancing Web3 adoption across the country. Recently, Aptos partnered with Nillion to advance privacy in DeFi and AI.
Aptos will support local developers, NFT creators, and businesses to foster a strong, innovative Web3 community. The collaboration underscores Aptos’ commitment to helping Japanese enterprises build blockchain solutions tailored to their needs.
A Key Market for Aptos
Japan remains a key focus for Aptos Labs. HashPalette’s established connections with major companies like KDDI provide a valuable entry point into the country. Through this acquisition, Aptos Labs aims to drive Web3 adoption in Japan’s entertainment, gaming, and digital asset sectors.