Aptos Labs, the developer of the Layer 1 blockchain Aptos Network, has announced its acquisition of HashPalette Inc., a Japanese blockchain developer and subsidiary of HashPort Inc. This strategic move aims to expand Aptos’ presence in Japan’s blockchain market. As part of the acquisition, HashPalette’s Palette Chain and its applications will be migrated to the Aptos Network by early 2025. Additionally, holders of Palette Chain’s governance token, PLT, will have the option to exchange it for APT, though details are yet to be finalized.

The acquisition comes as Aptos prepares to be the exclusive blockchain powering the digital wallet system for Expo 2025 in Osaka, allowing participants to interact with NFTs, digital assets, and decentralized applications via Aptos’ infrastructure. The announcement led to a 7.32% surge in the price of Aptos’ native token, APT, while PLT dropped by 15%.

This deal follows other recent moves by Aptos, including a $10 million fund launched in collaboration with OKX Ventures to support projects on its blockchain, further boosting its growth and innovation in the Asia-Pacific region.

Source: crypto.news

Advertisement

The post APT soars 7% as Aptos acquires Japanese blockchain developer HashPalette appeared first on HIPTHER Alerts.