Coincheck, the Monex Group’s crypto exchange has recently announced its partnership with Hashpalette Inc. This partnership was announced on Tuesday i.e. August 25 and is aiming to establish an Initial Exchange Offering (IEO) in Japan. Hashpalette is a joint corporation between Link-U Inc and HashPort Inc. that particularly focuses on blockchain technology. The firm is aiming towards digitizing the complete content industry using blockchain technology.
Coincheck was considering IEO since August 2019
IEOs could be understood as another variant for ICO that aims towards raising funds and supporting different startups through their issued tokens. Coincheck has been planning to conduct its IEO since August 2019.
It is revealed that as a result of this partnership, Coincheck will be selling Palette Token (PLT) through its exchange. It is a utility token by Haspalette and is built on the Ethereum blockchain. This token can also be used on the Palette blockchain platform which has been specially developed for sports, music, manga, and many other things. Palette tokens will be able to go back and forth between Ethereum blockchain and Palette Chain through cross-chain technology. PLT has been specially designed for different purposes on the applications that are there on Palette Chain. It is used for smart contract commissions, NFT transaction settlements, consensus node management fee payments, and many other things.
Accelerating the growth of the ecosystem
According to Coincheck, launching an IEO is a completely new challenge for the firm. Palette token will be provided as an incentive that will ultimately work towards accelerating the growth of the complete ecosystem. The firm will be supporting voting, settlements, sale, and distribution of the token. The firm has made an announcement by saying that it is aiming to create a kind of crypto asset that will be having a societal significance.