The Hashpalette token sale on Coincheck is about to become Japan’s maiden initial exchange offering event. Coincheck is about to reach its goal of conducting the first-ever initial exchange offering in Japan.
Initial Exchange Offering
The Japanese Crypto exchange announced that the HPT initial exchange offering would take place in the summer. The IEOs are a modified form of initial coin offering. Here the Crypto exchange platform acts as an intermediary between token issuers and investors.
Partnership
Coincheck partnered with HPT back in August 2020. Moreover, Coincheck has plans for HPT to become the first IEO-issued utility token in the Japanese Crypto market. However, at the time, the plan was coming on the heels of the newly passed cryptocurrency law in Japan.
Legal Framework
Moreover, it is creating a clear-cut legal framework for token sale events among other market segments. However, IEOs have also been the subject of regulatory uncertainty. This is especially concerning whether IEO tokens qualify as securities.
Goal
The goal of conducting Japan’s maiden IEO is part of the Coincheck efforts to improve its Crypto business. However, in January 2018, Coincheck suffered one of the largest cryptocurrency exchange hacks of history. As a result, it lost about $534 million in NEM tokens from the platform.
HPT
HPT is a cross-blockchain non-fungible token platform that is based in Japan. It focuses on digital content such as Manga music, sports among others.
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