Aptos Network developer Aptos Labs has struck a deal to acquire HashPalette, a Japanese NFT service provider, to strengthen its foothold in Asia. On Oct. 3, HashPalette revealed that it would become a fully-owned subsidiary of Aptos Labs, following an agreement with its former parent company, HashPort.
As part of this transition, the Palette Chain blockchain and HashPalette’s current applications will shift to the Aptos Network. Aptos Labs recently announced its acquisition of HashPalette, which is expected to play a key role in its efforts to break into Asian markets, pending standard approvals. Consequently, as the innovation branch of the Aptos Foundation, Aptos Labs focuses on developing new solutions for retailers.
Aptos supports Japan’s blockchain growth
The company plans to use HashPalette’s connections with Japanese businesses to gain access to some of the country’s most prominent companies. Furthermore, they aim to support local Web3 communities, including developers, NFT creators, and businesses. Aptos Labs CEO and founder Mo Shaikh expressed his excitement about this strategic move, stating:
The agreement to acquire HashPalette and the migration of HashPort’s Palette Chain into Aptos are critical first steps toward empowering Japanese enterprises and developers with cutting-edge blockchain technology.
Meanwhile, HashPort will continue supporting its enterprise clients by leveraging the Aptos Network’s infrastructure. In another update, the Aptos layer-1 blockchain will soon host the Franklin OnChain US Government Money Fund (FOBXX) due to a partnership agreement between the Aptos Foundation and the global asset management leader Franklin Templeton.
Moreover, FOBXX made history as the first mutual fund registered in the U.S. to utilize blockchain technology, starting with the Stellar network to handle transactions and track share ownership. Head of digital assets at Franklin Templeton, Roger Bayston, mentioned that the Aptos Network’s “unique characteristics” aligned perfectly with the requirements for their Benji platform.
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