Coincheck crypto exchange announces Japan’s first ever IEO

Coincheck’s aim of conducting the first-ever preliminary exchange providing in Japan is transferring nearer to turning into a actuality.

According to a launch issued on Monday, the Japanese crypto exchange introduced that the Hashpalette (HPT) preliminary exchange providing, or IEO, will happen in the summertime. IEOs are a modified type of preliminary coin providing, the place a crypto exchange platform acts as an middleman between token issuers and buyers.

Coincheck partnered with Hashpalette again in August 2020, with plans for HPT to develop into the first IEO-issued utility token within the Japanese crypto market. At the time, the plan was approaching the heels of newly-passed cryptocurrency laws in Japan, making a clear-cut authorized framework for token sale occasions amongst different market segments.

IEOs have additionally been the subject of regulatory uncertainty, especially concerning whether IEO tokens qualify as securities.

For Coincheck, the goal of conducting Japan’s maiden IEO is part of the efforts to improve its crypto business. Back in January 2018, Coincheck suffered one of the largest cryptocurrency exchange hacks in historical past with about $534 million in NEM (XEM) tokens stolen from the platform.

Hashpalette is a cross-blockchain, nonfungible token platform primarily based in Japan that focuses on digital content material like manga, music and sports activities, amongst others.
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The NFT platform helps common blockchain networks like Ether (ETH), Neo (NEO), and Ontology (ONT).

During its preliminary IEO announcement again in August 2020, Hashpalette revealed that the proceeds from the token sale can be used to develop is Palette blockchain platform for extra strong digital content material distribution.

Apart from Hashpalette, Coincheck has additionally been making different vital inroads into the NFT area. As beforehand reported by Cointelegraph, the Japanese exchange introduced plans to list NFTs by fan token giants Chiliz on its market.

The Coincheck market additionally lists different popular NFTs, including CryptoKitties.