Japan Cryptocurrency Exchange Coincheck to Conduct First Ever IEO
Coincheck’s ambition of launching Japan’s first-ever initial exchange offering is getting closer to actual. The Hashpalette (HPT) initial exchange offering, or IEO, will take place during the summer, per a press statement released on Monday by the Japanese crypto exchange. IEOs are a type of initial coin offering in which a cryptocurrency exchange company acts as a middleman between issuers of token and investors.
Hashpalette and Coincheck teamed in August 2020, with the goal of HPT becoming the first IEO-issued utility token in the Japanese crypto market. The idea was announced shortly after Japan implemented new cryptocurrency regulations, which established a solid legislative framework for token sales as well as other market areas. IEOs were often the subject of legislative confusion, with the question of whether IEO tokens constitute as securities being the major worry.
Coincheck’s objective of holding Japan’s first IEO is cornerstone of the company’s attempts to grow its crypto operations. Coincheck hogged the limelight for wrong reasons in January 2018 when the network became the victim of one of the greatest cryptocurrency exchange attacks in history.
The hacker swindled $534 million in NEM (XEM) tokens, the native crypto of the network. Hashpalette is a nonfungible cross-blockchain token platform headquartered in Japan that specializes on digital products including comics, music, and sports. Popular blockchain networks such as Ether (ETH), Neo (NEO), and Ontology are supported by the NFT platform (ONT).
During the initial IEO announcement made in August 2020, Hashpalette revealed that the profits from the token sale will be utilized to improve its Palette blockchain platform for more efficient digital content distribution.
Coincheck has been making enormous advances in the NFT industry, in addition to Hashpalette. The Japanese exchange revealed intentions to list NFTs by fan token titan Chiliz on its platform. Other prominent NFTs, such as CryptoKitties, are also listed on the Coincheck platform.