APT soars 7% as Aptos acquires Japanese blockchain developer HashPalette

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

Aptos Labs, the firm behind the layer 1 blockchain Aptos Network, announced the acquisition of HashPalette Inc., a subsidiary of HashPort Inc. and developer of the Palette blockchain, as part of a strategic move into Japan’s blockchain market.

Aptos Labs said in its October 3 Medium announcement that HashPalette, which has tied up with multiple Japanese companies as part of the deal, will move its Pallet Chain and applications to the Aptos Network in early 2025. Token PLT is expected to have the option to replace it with APT, but the details of the process have not yet been clarified.

The integration is planned to be completed before Expo 2025 in Osaka, where Aptos will serve as the private blockchain powering the event’s digital wallet system. The partnership will allow attendees at the Expo to interact with non-fungible tokens, digital assets, and decentralized applications through Aptos’ infrastructure, the announcement said.

Following the announcement, the price of Aptos Network’s native token (APT) rose 7.32% to $8.24, while PLT fell 15%. The acquisition is still awaiting customary closing conditions and approvals, Aptos said.

This acquisition follows the Aptos Foundation’s recent collaboration with OKX Ventures to launch a $10 million fund aimed at supporting projects on the Aptos blockchain. The fund, named Ankaa, is intended to support growth through an accelerator program that offers startup support, targeted mentoring, market exposure and access to a broad network of industry experts for selected projects.