Coincheck crypto exchange has announced plans to conduct its first initial exchange offering (IEO) for the sale of Pallet Token (PLT), according to a press release on August 25, 2020.
Coincheck to Launch Japan’s First IEO
Hashpalette, a Japanese firm that’s into the distribution of graphic novels, music, and more, is joining forces with Coincheck and Link-U Co., Ltd, to conduct an initial exchange offering (IEO) for the creation of Palette Token (PLT).
As stated in a press release by Coincheck, the joint project is aimed at further developing Japanese cultural contents like mangas, sports, music, and more. PLT token will power the Palette blockchain platform.
The team says Palette supports the issuance, management, and distribution of digital assets in the form of non-fungible tokens (NFTs) based on the Ethereum network. If all goes as planned, Palette Token will function as an ERC-20 token that will support GAS fees payment, settlement of NFT sales, and more, on the Pallet chain network.
“With the pallet token, it will be possible to send NFT and receive money at the same, and you can create a safe secondary market without third-party escrow services. The token will also be used to incentivize node maintenance operations on the pallet chain.”
A Long Time Coming
Interestingly, Coincheck has hinted that it has been planning to add support for IEOs since August 2019 and the Pallet Token project will make that dream a reality. The project will enable the digitalization of Japanese cultural heritage as NFTs and placed on the blockchain for anyone around the world to buy or sell.
The team says it plans to create a PLT-powered ecosystem that will bring together content creators, artists and lovers of Japanese art, mangas, and related content.
“We will accelerate the growth of the ecosystem with crypto assets by supporting payment and voting, or sales. Through this project we will create cryptocurrencies that have social significance, not just speculative crypto assets,” the team concluded.
Coincheck suffered the biggest heist in the crypto space in January 2018, when over half a billion-dollar worth of NEM tokens was stolen from the exchange.
Since its acquisition by Monex Group in April 2018, Coincheck has gradually rebuilt its reputation and it now remains to be seen whether its latest IEO push will take it to greater heights in the Japanese crypto space.