Layer 1 Blockchain Network Aptos Acquires Japanese Blockchain Developer HashPalette

Aptos Labs, the firm behind layer 1 blockchain Aptos Network, announced the acquisition of HashPalette Inc., a subsidiary of HashPort Inc. and developer

Layer 1 blockchain network Aptos announced on Monday that it will acquire Japanese blockchain developer HashPalette Inc., a move that will see the Palette Chain and its applications migrate to the Aptos Network by early 2025.

Aptos Labs, the firm behind Aptos Network, announced the acquisition on Oct. 3 in a Medium announcement. HashPalette is a blockchain developer and a subsidiary of HashPort Inc.

As part of the agreement, HashPalette’s Palette Chain and applications will migrate to the Aptos Network in stages, with the process expected to be completed by early 2025, according to the announcement.

Holders of Palette Chain’s governance token, PLT, will also be able to exchange their tokens for Aptos’ native token, APT, during the migration. The specific details of the token exchange process will be announced at a later date.

The integration of HashPalette’s technology and applications into the Aptos Network is set to play a crucial role in Aptos’ presence at Expo 2025 in Osaka, where the blockchain network will exclusively power the event's digital wallet system, the announcement noted.

Participants at the Expo will be able to utilize non-fungible tokens, digital assets and decentralized applications through Aptos’ infrastructure.

Following the announcement, the price of APT, the native token of Aptos Network, increased by 7.32% to $8.24, while PLT decreased by 15%.

Aptos also noted that the acquisition is still subject to customary closing conditions and relevant approvals.

The acquisition comes after the Aptos Foundation recently joined forces with OKX Ventures to launch a $10 million fund to support projects on the Aptos blockchain.

The fund, dubbed Ankaa, aims to bolster promising projects via an accelerator program that provides venture support, targeted mentorship, market exposure and access to a vast network of industry experts.