Coincheck announced its plans to conduct Japan’s first-ever initial exchange offering (IEO) of Hashpalette this summer. In August 2020, Hashpalette already partnered with Coincheck as part of the company’s plan to enter the IEO businesses. Coincheck is a Japan-based crypto exchange company.
According to the announcement, the first company to run its IEO on Coincheck will be Hashpalette. Hashpalette is a non-fungible token (NFT) platform based in Japan. It focuses on digital content, such as manga, music, and sports much more. The platform is designed to operate cross-blockchain and currently supports EThereum, Neo, and Ontology.
“An IEO is a system where a cryptocurrency exchange supports the formation and growth of communities and fund procurement with the issuance of tokens. They have gained much attention in recent years as a means to provide incentives to network participants.”
An IEO operates as a type of initial coin offering (ICO). Using IEO company or project digitally issues utilized tokens to procure funds. Cryptocurrency exchange acts as the main party for selling the issuer’s token. The company and project-issued tokens enable the construction of open, decentralized networks with users, developers, and other network participants.
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Coincheck has long supported companies and projects in their effort to issue tokens. Hashpalette stated that the proceeds from its HPT token offering would further develop its palette blockchain.
Coincheck is a subsidiary of Monex Group, a leading financial service provider in Japan. In January 2018, Coincheck suffered one of the largest cryptocurrency exchange hacks in history, with about $534 million in NEM tokens stolen from the platform.
