APT soars 7% as Aptos acquires Japanese blockchain developer HashPalette

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

Aptos Labs, the organization behind the Aptos Network, revealed the acquisition of HashPalette Inc., a subsidiary of HashPort Inc. and the creator of the Palette blockchain, in a strategic move to enter the Japanese blockchain space.

In a Medium post on October 3, Aptos Labs stated that under the agreement, HashPalette will migrate its Palette Chain and its applications to the Aptos Network by early 2025. Holders of the Palette Chain’s governance token, PLT, are anticipated to have the option to exchange it for APT, although the details of this process are yet to be determined.

The integration is set to be finalized ahead of Expo 2025 in Osaka, where Aptos will serve as the exclusive blockchain provider for the event’s digital wallet system. This partnership will enable Expo participants to interact with non-fungible tokens, digital assets, and decentralized applications using Aptos’ infrastructure, according to the announcement.

Following the news, the price of Aptos (APT) surged 7.32% to $8.24, while PLT saw a decline of 15%. Aptos noted that the acquisition is still subject to customary closing conditions and approvals.

This acquisition follows the Aptos Foundation’s recent partnership with OKX Ventures to establish 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 that provides venture support, mentorship, market exposure, and access to a broad network of industry experts for selected projects.