Coincheck and Hashpalette are coming together to organize an Initial Exchange Offering (IEO) for the sale of the Palette Tokens.
Coincheck crypto exchange in Japan is looking at raising money through the sale of utility tokens on an IEO platform.
Coincheck made an announcement today (August 25) that it will be joining forces with Hashpalette, another company based in Japan, to make sure its Palette Tokens (PLT) sell well in order to realize their target. Another plan Coincheck has is to involve the Japan Virtual and Crypto assets Exchange Association (JVCEA) before next year.
Hashpalette is a result of the partnership that existed between Japanese Link-U and HashPort blockchain firm in March. One can use the non-fungible token (NFT) to purchase items that originate from Japan on the Palette blockchain platform. Such things include music, comics and sports items. Coincheck wants to partner with some other companies for its IEO and negotiations have already started.
According to a representative from Coincheck:
“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.”
Recognized crypto exchanges have the right to organize IEOs to raise funds. IEO is different from ICO in that while ICO is done by the owners themselves, IEO is taken to an exchange’s platform that is trusted by the people.
Coincheck plans to hold its IEO for more than one year. According to its parent company, The Monex Group, IEOs may now be done more frequently.