According to an August 25 announcement from Coincheck, it will partner with Japanese company Hashpalette to implement initial exchange offering (IEO) to sell Palette Tokens (PLT) on the Ethereum Palette blockchain platform. The exchange plans to coordinate the IEO with the Japan Virtual and Crypto assets Exchange Association (JVCEA) by the end of this year.
Hashpalette was founded in March as a joint venture between Japanese firm Link-U and blockchain firm HashPort. Non-fungible tokens (NFT) can be used on the Palette blockchain platform for various purchases related to Japanese manga, sports and music comics. The company said it was “in discussions with many companies” regarding the IEO.
“We are building an ecosystem that will allow creators and artists to provide customers with unique experiences in digital content,” said a Coincheck representative. “We can accelerate the growth of this ecosystem with crypto assets to support payment and voting methods, as well as the sale and distribution of Token Palettes provided as incentives for operating nodes.”
IEO is a fundraising method managed by an established and proven crypto exchange. In contrast to initial coin offerings (ICOs), where the fundraising is done by the project team itself, IEOs are conducted on well-known exchange platforms to raise funds by issuing utility tokens.
Coincheck has been hinting at its plans to set up an IEO for over a year. Its parent company, Japanese financial services firm Monex Group, has mentioned the possibility of an IEO in periodic public statements.