Aptos Labs acquires HashPalette, enters strategic partnership with HashPort

Aptos Labs has signed an agreement to acquire HashPalette (a subsidiary of HashPort). As part of the agreement, HashPort will migrate its Palette Chain and HashPalette applications, including the EXPO2025 DIGITAL WALLET for the 2025 World Expo in Japan (Osaka, Kansai), to the Aptos Network. The acquisition is a key component of Aptos Labs’ strategy to expand in Asia and bring the high-performance Aptos blockchain to the Japanese market, one of the world’s most innovative digital economies. The transaction is subject to customary closing conditions and approvals.

Why Japan?

Aptos Labs’ agreement to acquire HashPalette is part of a strategic initiative to enter the Japanese blockchain market. HashPalette has strong relationships with major Japanese companies, including KDDI, and this acquisition will open a window to some of the most influential companies in the country. Aptos Labs will leverage these relationships to bring Aptos Network’s powerful technology to drive Web3 adoption in the entertainment, gaming, and digital asset sectors in Japan.

This agreement also underscores Aptos Labs’ strategy to provide the Japanese market with blockchain technology that is scalable, secure and easy to use, tailored to Japan’s unique needs. Aptos is one of the fastest growing Layer 1 blockchains, with a total value locked (TVL) of over $550 million, proving that its advanced technology is gaining global adoption.

“The Japanese market is an important market for Aptos Labs,” said Mo Shaikh, founder and CEO of Aptos Labs. “Our agreement to acquire HashPalette and the transition of HashPalette’s Palette Chain to Aptos marks an important step in bringing cutting-edge blockchain technology to Japanese businesses and developers.”

Towards the 2025 Osaka-Kansai World Expo

Aptos will be the exclusive provider of the blockchain that will power the EXPO2025 DIGITAL WALLET at the Osaka, Kansai Expo 2025. The Osaka, Kansai Expo 2025 is the largest and most prestigious international exhibition, expected to attract more than 28 million visitors between April and October 2025.

Through this partnership, Expo attendees will be able to leverage NFTs, digital assets and decentralized applications through the EXPO2025 DIGITAL WALLET provided by Aptos. Use cases will include pavilion reservations, ticket sales and user engagement activities such as loyalty programs and digital collectibles. The collaboration will demonstrate Aptos Labs’ ability to provide secure, scalable and user-friendly blockchain solutions on a global scale.

Commitment to Japanese companies and ecosystem

In addition to the acquisition agreement, Aptos Labs will also enter into a strategic partnership with HashPort, a leading blockchain consulting and solutions company in Japan, which will enable HashPort to continue building blockchain solutions for enterprise clients using Aptos Network’s infrastructure to further drive mass Web3 adoption in Japan.

Aptos Labs aims to stimulate a strong and organic Web3 community in Japan by supporting developers, NFT creators, and companies in Japan. It also plans to collaborate with Japanese universities, research institutes, and blockchain startups, aiming to build a vibrant ecosystem where Web3 innovators can gather.

Palette Chain Migration

HashPalette has built Japan’s leading blockchain ecosystem focused on entertainment, gaming, anime and digital assets. By migrating Palette Chain to the Aptos Network, users and developers will have access to superior scalability, security and developer tools, helping to create a new wave of Web3 innovation in Japan.

Holders of Palette Chain’s governance token, PLT, will be able to exchange their PLT tokens for APT, Aptos’ native token, from late November. Token holders can exchange PLT through Japanese cryptocurrency exchange service providers, and discussions with these providers are currently underway. To ensure a smooth transition, APT tokens are expected to have a one-year lockup period, during which they will be prohibited from being sold or transferred. Details of the token exchange process and integration plans will be announced closer to the exchange date. The exchange will take place if the acquisition is successfully concluded.

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