Aptos Labs Expands Blockchain Reach with HashPalette Acquisition

• Aptos Labs acquires HashPalette, integrating Palette Chain to expand blockchain services in Japan and enhance Web3 adoption.
• Aptos becomes the exclusive blockchain provider for the EXPO2025 Digital Wallet in Osaka, showcasing blockchain technology globally.

In a tweet, Aptos Labs announced the acquisition of HashPalette Inc., a leading blockchain developer in Japan. HashPalette is known for developing Palette Chain, which focuses on distributing content through NFTs (Non-Fungible Tokens) and promoting Japanese entertainment culture globally.

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.

This underscores our commitment to Japan, supercharging their booming digital economy with @Aptos cutting-edge tech pic.twitter.com/NjAYhT7ez1

— Aptos Labs (@AptosLabs) October 3, 2024

The Palette Chain ecosystem undergoes significant changes as well since all applications and its governance token, PLT, will be housed on the Aptos network. Early 2025 is projected to see completion of this, in line with the EXPO2025 Digital Wallet in Osaka.

At this event, Aptos will serve as the sole blockchain supplier for the Expo digital wallets. The Expo is expected to draw over 28 million attendees, who will provide a stage for Aptos to present their blockchain technology to a worldwide audience.

During the integration process, PLT token owners will thus have the chance to convert their tokens for APT, the native token of the Aptos network.

Aptos Strengthens Ties with Japanese Corporations to Accelerate Blockchain Adoption 

By acquiring HashPalette, Aptos not only increases its visibility in Japan but also creates opportunities for cooperation with big Japanese corporations like KDDI, one of the telecom behemoths.

This strategic alliance is supposed to hasten the acceptance of blockchain technology in several areas, including entertainment, gaming, and digital assets in Japan.

Aptos Labs is also working with parent company HashPort to hasten the introduction of blockchain products into Japan. Through the use of Aptos’ infrastructure, this partnership will inspire creative ideas for Japanese business clients and promote more general Web3 technology acceptance.

To increase its impact in this fast-growing Asian sector, Aptos also intends to collaborate with Japanese colleges, research labs, and blockchain startups.

On the other hand, CNF previously reported that Franklin Templeton has expanded the tokenized US Government Money Fund (FOBXX) on the Aptos blockchain, therefore granting institutional investors more access. Representing the fund, the BENJI token lets investors own tokenized shares of an asset guaranteed by the US Treasury.

Meanwhile, as of writing, the APT token is trading at around $8.63, up 5.42% over the last 24 hours. Its daily trading volume has also sharply surged, rising by 61.43% to $523.43 million.