Layer 1 blockchain network Aptos announced its acquisition of Japanese blockchain developer HashPalette, marking a significant expansion into Japan’s blockchain market.

Aptos Labs, the firm behind the Aptos Network, disclosed the acquisition of HashPalette Inc., a subsidiary of HashPort Inc. and developer of the Palette blockchain. This strategic move aims to strengthen Aptos’ presence in Japan’s blockchain industry.

In an announcement dated October 3rd, Aptos Labs confirmed that under the agreement, HashPalette will migrate its Palette Chain and associated applications to the Aptos Network by early 2025. Holders of Palette Chain’s governance token, PLT, will have the option to exchange it for APT, although the specifics of this process are yet to be detailed.

Blockchain Integration and Future Plans

The integration is set to be completed before Expo 2025 in Osaka, where Aptos will exclusively power the event’s digital wallet system. This partnership will enable Expo participants to interact with non-fungible tokens (NFTs), digital assets, and decentralized applications (dApps) through Aptos’ infrastructure.

Following the acquisition announcement, the price of APT, the native token of the Aptos Network, surged by 7.32% to $8.24. Conversely, PLT saw a 15% decline. Aptos noted that the acquisition is still subject to customary closing conditions and approvals.

Recent Collaborations and Growth Initiatives

This 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 designed to foster growth through an accelerator program, offering venture support, targeted mentorship, market exposure, and access to a vast network of industry experts for selected projects.

“This partnership will significantly enhance our capabilities and expand our reach within the Japanese blockchain market,” said a representative from Aptos Labs.

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