Aptos Labs acquires HashPalette to expand into the Japanese blockchain market

On October 3, 2024, Aptos Labs announced the official acquisition of HashPalette Inc., a subsidiary of HashPort Inc., which developed the Palette Chain.

Under the agreement, HashPort will migrate Palette Chain and HashPalettes applications to the Aptos network, including the EXPO 2025 digital wallet for the Osaka Kansai Expo 2025. The acquisition will help Aptos Labs expand its influence in Asia and introduce the high-performance Aptos Network to one of the worlds important digital economies.

Why Japan?

Aptos Labs’ agreement to acquire HashPalette is a strategic move into the Japanese blockchain market. HashPalette has established strong relationships with several Japanese businesses, including KDDI, making this acquisition a connection to some of the most influential companies in Japan. Leveraging these relationships, coupled with the Aptos Network’s robust technology, Aptos Labs is expected to drive Web3 adoption in Japan across the entertainment, gaming, and digital asset sectors.

The agreement also demonstrates Aptos Labs’ commitment to the Japanese market, enabling the company to deliver scalable, secure, and user-friendly blockchain technology that meets Japan’s unique needs. Aptos is one of the fastest growing layer 1 blockchains, with a total value locked (TVL) exceeding $550 million, demonstrating the growing adoption of its technology around the world.

Mo Shaikh, founder and CEO of Aptos Labs, said: “Japan is an important market for Aptos Labs. Aptos Labs’ acquisition of the HashPalette protocol and migration of HashPort’s Palette Chain to Aptos is a key step in providing cutting-edge blockchain technology to Japanese businesses and developers.”

2025 Kansai World Expo in Osaka, Japan

Aptos will be the exclusive blockchain to provide digital wallet support for Expo 2025 in Osaka, Japan. As the largest and most prestigious international exhibition, Expo 2025 in Osaka, Japan is expected to attract more than 28 million visitors between April and October 2025.

The collaboration will allow Expo attendees to interact with NFTs, digital assets, and decentralized applications through the Aptos-powered EXPO 2025 digital wallet. Use cases may include pavilion reservations, ticketing, and user engagement activities such as loyalty programs and digital collectibles. The collaboration will demonstrate Aptos Labs ability to provide secure, scalable, and user-friendly blockchain solutions on a global scale.

Commitment to Japanese businesses and ecosystem

In addition to the agreement, Aptos Labs will also establish a strategic partnership with HashPort, a leading Japanese blockchain consulting firm. This collaboration will enable HashPort to continue to use Aptos Network’s infrastructure to build blockchain solutions for its enterprise clients, further promoting the mass adoption of Web3 in Japan.

Aptos Labs will support local developers, NFT creators, and businesses to help foster a strong and organic Japanese Web3 community. The company also plans to collaborate with Japanese universities, research institutions, and blockchain startups to contribute to a vibrant ecosystem of Web3 innovators.

Palette Chain Migration

HashPalette has developed one of Japans leading blockchain ecosystems, focusing on entertainment, games, anime, and digital assets. By migrating Palette Chain to the Aptos Network, users and developers will gain superior scalability, security, and development tools, driving a new wave of Web3 innovation in Japan.

Palette Chains governance token PLT will begin to be exchanged for Aptos native token APT at the end of November. PLT token holders can exchange through Japanese crypto asset trading service providers. Aptos Labs is currently in discussion with service providers to ensure a smooth transition of this phase, in which the exchanged APT tokens are expected to be locked for one year, and any sales or transfers are prohibited during this period. More details on the token exchange process and integration plan will be announced closer to the exchange date, and the exchange will be subject to the successful acquisition.

About Aptos Labs

Aptos Labs was co-founded by Mo Shaikh and Avery Ching and is dedicated to creating 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 Layer 1 blockchain designed to continuously evolve, improve performance, and enhance user security.