Aptos Labs, developer of the Aptos Network, signed an agreement to acquire Japanese non-fungible token (NFT) service provider HashPalette to expand its presence in Asia.
On Oct. 3, HashPalette announced its decision to migrate to a wholly-owned subsidiary of Aptos Labs following an agreement with its previous owner, HashPort. The Palette Chain blockchain and existing HashPalette applications will be migrated to the Aptos Network as part of the acquisition.
Source: HashPalette
According to Aptos Labs, the HashPalette acquisition — subject to customary closing conditions and approvals — will be vital in expanding into the Asian markets.
Aptos strengthens presence in Japan
Aptos Labs is the innovation arm of the Aptos Foundation, which is dedicated to innovation and development for retailers.
The company plans to use HashPalette’s relationships with Japanese businesses as “a gateway to some of Japan’s most influential companies.” It also aims to support local Web3 participants, including developers, NFT creators and enterprises. According to Mo Shaikh, founder and CEO of Aptos Labs:
“The agreement to acquire HashPalette and the migration of HashPort’s Palette Chain into Aptos are critical first steps toward empowering Japanese enterprises and developers with cutting-edge blockchain technology.”
Meanwhile, HashPort will continue to serve its enterprise clients using Aptos Network’s infrastructure.
Related: Aptos hits all-time high in user transactions
Aptos Labs did not immediately respond to Cointelegraph’s request for comment.
Aptos onboards Franklin Templeton fund
In a related development, Aptos’ layer-1 blockchain will host the Franklin OnChain US Government Money Fund (FOBXX) following a partnership agreement between the Aptos Foundation and global asset management giant Franklin Templeton.
FOBXX was the first United States-registered mutual fund to use blockchain technology, initially on the Stellar network, to process transactions and record share ownership.
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