Cryptocurrency News

Coincheck Crypto Exchange Announces Japan’s First IEO

Coincheck’s goal of offering an initial exchange for the first time in Japan is moving closer to becoming a reality.

according to a The release Released on Monday, the Japanese crypto exchange announced that the hashplate (HPT) IEO would take place over the summer. IEO is a modified form of initial coin offering where a crypto exchange platform acts as an intermediary between token issuers and investors.

Coincheck partnered with HashPallet Back in August 2020 with plans for HPT to become the first IEO-issued utility token in the Japanese crypto market. At the time, the plan was coming on the heels of the newly passed Cryptocurrency law in japan Creating a clear legal framework for token sale events, among other market segments.

IEO are also the subject of Regulatory uncertainty Specifically about whether IEO tokens qualify as securities.

For Coincheck, Japan’s first IEO operation aims to be part of efforts to improve its crypto business. Back in January 2018, Coincheck suffered One of the biggest cryptocurrency exchange hacks in history With about $ 534 million in NEM (XEM) tokens stolen from the platform.

HashPallet is a cross-blockchain, irreplaceable token platform based in Japan that focuses on digital content such as manga, music, and games. The NFT platform supports popular blockchain networks such as Ether (ETH), Neo (NEO), and Ontology (ONT).

During its initial IEO announcement in August 2020, Hashpalette revealed that proceeds from token sales would be used to develop a palette blockchain platform for more robust digital content delivery.

In addition to the hashplate, Coincheck is also making other significant inroads into the NXT sector. As previously reported by Cointegraph, the Japanese exchange announced plans Chiliz list NFT by fan token giants On its market.

Coincheck Marketplace also lists others Popular NXT including cryptocurrency.