One of the largest cryptocurrency exchanges in Japan, Coincheck, will support Hash Palette in launching the country’s first initial public offering (IEO) and raising funds through the sale of tokens.
The cryptocurrency exchange Coincheck will host the first IEO in Japan, which will be held by the Hash Palette platform, which distributes graphic novels (manga), anime and music. The platform plans to raise about $9.4 million by selling tokens on Coincheck.
IEO is one of the ways that companies use as an alternative to traditional fundraising processes. Exchanges launch platforms where companies issue and sell tokens to investors who have accounts on the exchange. So, in the spring of this year, Poloniex launched a platform for IEO LaunchBase.
Coincheck, which in April 2018 became a subsidiary of Monex Group shortly after a $530 million hack and theft from the NEM site, announced plans to launch the platform for IEO a year ago. The exchange plans to issue and list the Palette Token (PLT) by March 2021.
Hash Palette is a joint venture between Link-U and HashPort. The funds received from the token sale will be used to develop the Palette blockchain platform. The company expects that most tokens will be sold to fans of Hash Palette content.