Coincheck Partners with Hashpalette to Realise Japan’s First IEO

Coincheck, Inc., the cryptocurrency exchange of the Monex Group, Inc. announced today that it has partnered with Hashpalette Inc. on a joint project, which aims to actualise the first Initial Exchange Offering (IEO) in Japan.

Under the partnership, Coincheck will sell Palette Token (PLT) via its cryptocurrency exchange. PLT is a utility token built on the Ethereum Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term. It is issued by Hashpalette and can be used on Palette, which is a blockchain platform for manga, anime, sports, music and other forms of content.

Hashpalette is a joint corporation between Tokyo Stock Exchange First Section company Link-U Inc. and HashPort Inc., a company that focuses on blockchain. The organisation was jointly established by Link-U and HashPort in March of this year. The purpose of the organisation is to digitise the content industry through blockchain technology.

An IEO is a variant of an initial coin offering (ICO). As the name suggests, IEOs are conducted on the platform of a cryptocurrency exchange. Hence, the aim of IEOs is for the exchange to support startups and to raise funds via their newly issued tokens.

Coincheck Has Been Considering IEOs since 2019

According to the statement released by Coincheck today, the crypto exchange has been considering entering the IEO business since August last year. PLT is used for consensus node management fee Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, smart contract commissions (gas), NFT transaction settlements and other applications on Palette Chain.

Via cross-chain technology, Palette Tokens can go back and forth between Palette Chain and Ethereum blockchain freely.

“As a new challenge, Coincheck will support settlements, voting, and the sale and distribution of Palette Tokens that are provided as an incentive for the operating node to accelerate the growth of this ecosystem through crypto assets. In addition, through this project, Coincheck will strive to create crypto assets that have societal significance beyond being a speculation vehicle,” Coincheck said in its announcement today.