APT SOARS 7% AS APTOS ACQUIRES JAPANESE BLOCKCHAIN DEVELOPER HASHPALETTE
Aptos Labs, the firm behind layer-1 blockchain Aptos Network, announced the acquisition of HashPalette Inc., a subsidiary of HashPort Inc. and the developer of the Palette blockchain, in a strategic push into the Japanese blockchain market.
In October, Aptos Labs said that under the agreement, HashPalette, which has ties with several Japanese firms, will migrate its Palette Chain, as well as its applications, to the Aptos Network by early 2025. Holders of the Palette Chain governance token, PLT, are expected to be able to exchange it for APT, although the specifics of the process have not yet been 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 Expo attendees to interact with non-custodial tokens, digital assets, and decentralized applications through Aptos’ infrastructure, the announcement said.
Following the announcement, the price of the Aptos Network token rose 7.32% to $8.24, while PLT fell 15%.
