As per the recent news in the Crypto world, Coincheck Inc, which is one of the major crypto exchanges in the world, has partnered with Hash Palette for a joint project. The aim of the partnership aims to actualize the first Initial Exchange Offerings in Japan.
What is the partnership all about?
As per, Coincheck will sell Palette Token (PLT) through its cryptocurrency Exchange. PLT is a utility token that is built on the Ethereum Blockchain Technology. The token is released and issued by Hash palette, and it will be used for music, sports, anime, and other different forms of content.
What is Hash Palette?
Hash Palette is a joint corporation between the Tokyo stock exchange, and Hash Port Inc, which is a company focussed towards the development of blockchain technology in Japan. The combined company was recently found in March this year. The primary aim of this joint company is to digitize the content industry by using blockchain technology.
Why is IEO conducted?
The IEO will be conducted on the platform of the cryptocurrency exchange. The primary purpose of the IEO is to support startups and to raise funds via their newly issued tokens.
What’s the plan?
As per a statement made by Coincheck, they have been planning to enter the IEO world since August last year, and finally, they are getting an option to do so. The PLT will be used for consensus node management fee payments, smart contract commission and other different applications on the Palette Technology.
As per a statement made by both parties in the agreement, it was said that this new ecosystem would allow creators and artists to provide customers with unique experience in Digital content. As per a representative from Coincheck, it was said that they have a goal of accelerating this ecosystem with the help of crypto assets to support different types of payment methods and voting. In addition to this, they also clarified that the sale and the distribution of the Palette tokens would provide an incentive for the operating nodes.
The IEO is a method that is used as the Initial Coin Offering. When the project is carried by two parties together, the fundraising is conducted on a crypto exchange.
Coincheck has already hinted that it has an aim for establishing an IEO for more than a year. The parent company of Coincheck has declared that they will mention the possibility of Establishing an IEO through a public statement soon.