Coincheck Co., Ltd., Japan’s infamous cryptocurrency exchange is joining forces with Hashpalette Co., Ltd., to launch Japan’s first initial coin offering (IEO) project via its platform.
As per the latest information published on its official website, in a joint project Hashpalette’s utility token “Palette Token (PLT)” is being offered on Coincheck’s platform.
Palette is also a blockchain platform powered by Ethereum blockchain, which was formed in March 2020, and ready to be deployed for Japanese content creation markets such as manga/animation, sports, and music.
The Palette platform would also be responsible to issue, manage, and distribute the items that utilize the content. The digital items would be issued in the form of Non-Fungible Tokens “NFT.”
Further, it is mentioned that the Palette platform would be jointly operated by various content companies who are already associated with or are in the process of associating to work in a consortium to form a consensus node.
Benefits of Palette Token
Palette Token (PLT) can be spent on consensus node management fees on the “Palette chain,” smart contract issuance fee (GAS), and settlement of NFT sales. Also, Palette Token can be used for the settlement of the digital NFTs which can be converted into money. Reportedly, a safe secondary market is going to be created without using the escrow service.
The update reads: “Through this project, we will work to create crypto assets that have social significance, not crypto assets that are speculative targets.”
Hashpalette is a joint venture of Link-U Co., Ltd., and HashPort Co., Ltd. Link-U Co., Ltd., is a company listed on the First Section of the Tokyo Stock Exchange that operates a total of 10 million MAU manga applications.
On Aug 19, 2020, a report came out which mentions that the Tokyo District Court has issued the order to confiscate and conserve the stolen NEM tokens from the alleged criminal named Dr. Takayoshi Doi.
Dr. Takayoshi Doi was arrested by the police in Japan, in connection with allegedly buying $46,000. The Coincheck heck targeted approximately 58 billion yen of NEM (nem) during the time.