Aptos Labs is in talks to acquire HashPalette to enter the Japanese blockchain market

24-10-03 10:00
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On October 3, Aptos Labs announced its strategic expansion into the Japanese market through the acquisition of HashPalette, the developer of the Palette chain.


HashPalette is a subsidiary of HashPort Inc., the developer of the Palette blockchain. Under the agreement, HashPort will migrate the Palette chain and HashPalette's applications (including the EXPO2025 digital wallet for the 2025 Osaka Kansai Expo) to the Aptos network. This acquisition is an important part of Aptos Labs' expansion of its influence in the Asian market, while introducing the high-performance Aptos blockchain to one of the world's most innovative digital economies. The transaction is still subject to customary closing conditions and approvals. On October 3,


Why Japan?


Aptos Labs' acquisition of the HashPalette protocol is a strategic move to enter the Japanese blockchain market. HashPalette has strong relationships with major Japanese companies, including KDDI, making this acquisition a gateway into some of the most influential companies in Japan. By leveraging these relationships, as well as the powerful technology of the Aptos Network, Aptos Labs will drive the adoption of Web3 in Japan's entertainment, gaming, and digital asset sectors.


This agreement also demonstrates Aptos Labs' commitment to the Japanese market, helping it deliver scalable, secure, and user-friendly blockchain technology that meets Japan's unique needs. Aptos is one of the fastest growing Layer1s, with a TVL of over $550 million, demonstrating the growing adoption of its technology around the world.


“Japan is a key market for Aptos Labs,” said Mo Shaikh, Founder and CEO of Aptos Labs. “This agreement to acquire HashPalette and migrate HashPort’s Palette Chain to the Aptos Network is a critical first step in empowering Japanese businesses and developers with cutting-edge blockchain technology.”


EXPO 2025


Aptos will serve as the sole blockchain provider for the EXPO2025 digital wallet at EXPO 2025, the world’s largest and most prestigious international expo, which is expected to attract more than 28 million visitors between April and October 2025.


Through this partnership, Expo attendees will be able to experience NFTs, digital assets, and decentralized applications through the EXPO2025 digital wallet powered by Aptos. Use cases may include pavilion reservations, ticketing, and user engagement activities such as loyalty programs and digital collectibles. This collaboration will demonstrate Aptos Labs' ability to provide secure, scalable, and user-friendly blockchain solutions on a global scale.

Commitment to Japanese Enterprises and Ecosystems


In addition to this agreement, Aptos Labs will also establish a strategic partnership with HashPort, a leading blockchain consulting and solutions company in Japan. Through this partnership, HashPort will continue to use the infrastructure of the Aptos Network to build blockchain solutions for its enterprise customers, further promoting the adoption of Web3 in Japan.


Aptos Labs will support local developers, NFT creators, and enterprises to help foster a strong and organic Japanese Web3 community. The company also plans to collaborate with universities, research institutes and blockchain startups in Japan to build a vibrant ecosystem for Web3 innovators.


Migration of the Palette Chain


HashPalette has developed one of Japan’s most prominent blockchain ecosystems, focusing on entertainment, gaming, anime and digital assets. By migrating the Palette Chain to the Aptos Network, users and developers will have access to better scalability, security and development tools, driving a new wave of Web3 innovation in Japan.


Holders of the Palette Chain’s governance token, PLT, are expected to be able to exchange their PLT tokens for Aptos’ native token, APT, starting in late November. Token holders can exchange through participating Japanese crypto asset trading service providers, and discussions are currently underway. To ensure a smooth transition, APT tokens are expected to be locked up for a year, during which time they cannot be sold or transferred. More details on the token exchange process and integration plans will be announced closer to the exchange date, which will be subject to the successful completion of the acquisition.


About Aptos Labs


Aptos Labs was co-founded by Mo Shaikh and Avery Ching to create better web tools and seamless user experiences to bring the benefits of decentralization to the masses. Aptos Labs is backed by top investors including a16z, Katie Haun, Apollo Global Management, Dragonfly, PayPal Ventures, and Franklin Templeton Investments.


About Aptos Network


Aptos is a next-generation Layer1 designed for continuous optimization, performance improvement, and enhanced user security.


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