Coincheck Inc. has joined hands with Hashpalette Inc., a joint corporation between Link-U, a Tokyo Stock Exchange First Section company, and Hashport Inc., a blockchain-focused firm. Coincheck unveiled this news on August 25 via an official announcement, noting that this joint initiative seeks to realize the first-ever Initial Exchange Offering (IEO) in Japan. Through this collaboration, Coincheck will sell the Hashpalette’s native token dubbed Palette Token (PLT) through its crypto exchange.
According to the announcement, Palette Token (PLT) is a utility token that runs on the Ethereum blockchain. By running the IEO on its exchange, Coincheck will help Hashpalette raise funds for PLT. The issued and sold PLT will be reportedly used on a blockchain-based platform dubbed Palette, which hosts manga, anime, sports, and music among other types of content. In so doing, Coincheck will allegedly play a significant role in developing Japanese cultural content.
Coincheck has been considering conducting IEOs since 2019
Per the announcement, Coincheck has been contemplating immersing itself in the IEO sector since August last year. Through PLT, Japan will be able to digitize various content as non-fungible tokens (NFTs) that are distributed on the blockchain. As a result, anyone across the world will be in a position to own or sell such content.
Coincheck added that it also seeks to create an ecosystem in which content creators can offer customers new experiences that are unique to digital content. After creating such an ecosystem, Coincheck aims to boost its growth by using crypto assets to support payment or vote. Alternatively, the exchange believes that it could accelerate the growth of the ecosystem by selling and distributing PLT tokens, which are provided as incentives for operating nodes.
The exchange added that through this
