Coincheck Crypto Exchange Partners With Hashpalette For IEO

Coincheck crypto exchange partners with another Japanese company and will be offering an initial exchange offering along with Hashpalette to sell its Palette Tokens as we are reading more in today’s blockchain news.

The major Japanese Coincheck crypto exchange partners with Hashpalette and launched an initial exchange offering platform for raising funds over its utility tokens. According to the announcement from the exchange, they will be partnering with the Japanese company Hashpalette to implement an initial exchange offering that will sell the Palette Tokens on the Ethereum-based blockchain platform Palette. The exchange plans to coordinate the IEO with the Japan Virtual and Crypt Assets Exchange Association by the end of the year.

Hashpalette was established back in March as a joint venture between Japanese company Link-U and Blockchain company HashPort. The non-fungible tokens can be used on the blockchain platform for a variety of purchases related to Japanese manga comics, music, and sports. The company said it was also in discussions with multiple companies in regards to the IEO:

 “We are building an ecosystem that allows creators and artists to provide customers with unique experiences in digital content. We can accelerate the growth of this ecosystem with crypto assets for supporting payment methods and voting, and the sales and distribution of Palette Tokens provided as incentives for operating nodes.”

An IEO is a fundraising method that is administered by the proven crypto exchange. In contrast to the initial coin offering where the fundraising is conducted by the project team, the IEO is carried out on the exchange’s platform for raising funds by issuing utility tokens. Coincheck hinted the plans to establish an IEO for more than a year and its parent company Monex Group mentioned the possibility of an IEO in the public statements.

In the recent crypto news, A Japanese court orders a seizure of about $46,000 worth of Bitcoin and NEM token funds that were traced back to the Coincheck hack of 2018, recording the first-ever court-ordered crypto seizure in the legislation of the country. According to Kyodo, the branch of the Japanese court orders a protective order on the funds before the police-authorized seizure of the tokens. The Japanese court stated that the coins were deposited in a domestic crypto exchange by a 30-year old man who was charged with handling stolen tokens from the Coincheck hack at the start of the year.