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Layer 1 blockchain network Aptos announced its acquisition of Japanese blockchain developer HashPalette, marking a key expansion into Japan’s blockchain market.
Aptos Labs, the firm behind layer 1 blockchain Aptos Network, announced the acquisition of HashPalette Inc., a subsidiary of HashPort Inc. and developer of the Palette blockchain, in a strategic push into Japan’s blockchain market.
In an Oct. 3 Medium announcement, Aptos Labs said that under the agreement, HashPalette, which has established ties with multiple Japanese firms, will migrate its Palette Chain as well as its applications to the Aptos Network by early 2025. Holders of Palette Chain’s governance token, PLT, are expected to have the option to exchange it for APT, though the specifics of the process have yet to be clarified.
The integration is scheduled to be completed before Expo 2025 in Osaka, where Aptos will serve as the exclusive blockchain powering the event’s digital wallet system. The partnership will allow participants at the Expo to engage with non-fungible tokens, digital assets, and decentralized applications through Aptos’ infrastructure, the announcement reads.
Following the announcement, the price of (APT), the native token of Aptos Network, surged 7.32% to $8.24, while PLT plunged 15%. Aptos pointed out that the acquisition is still pending customary closing conditions and approvals.
The acquisition follows 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 offers venture support, targeted mentorship, market exposure, and access to a wide network of industry experts for selected projects.