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APT Surges 7% After Aptos Acquires Japanese Blockchain Developer HashPalette

Author: Content Editor
Aptos Labs, the company behind the Layer 1 blockchain Aptos Network, has acquired HashPalette Inc., a subsidiary of HashPort Inc. and the developer of the Palette blockchain. The acquisition is a strategic move into the Japanese blockchain market. As part of the agreement, HashPalette will migrate its Palette Chain and applications to the Aptos Network by early 2025. Holders of the Palette Chain governance token, PLT, may have the opportunity to exchange it for APT. The integration is expected to be completed before Expo 2025 in Osaka, where Aptos will be the exclusive blockchain provider. The partnership with HashPalette will allow Expo attendees to interact with NFTs, digital assets, and decentralized applications through Aptos. Following the announcement, the price of Aptos rose 7.32%, while PLT fell 15%. The acquisition is pending customary closing conditions and approvals. This acquisition follows Aptos Foundation's collaboration with OKX Ventures to launch a $10 million fund, called Ankaa, aimed at supporting projects on the Aptos blockchain through an accelerator program.

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