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Aptos Labs, the driving force behind the Aptos Network, has taken a major step toward expanding its influence in Asia. It has acquired HashPalette, a prominent Japanese NFT service provider.
The deal, announced on October 3, involves HashPalette becoming a wholly-owned subsidiary of Aptos Labs, following an agreement with its previous owner, HashPort. As part of the transaction, the Palette Chain blockchain and all HashPalette applications will transition to the Aptos Network.
This strategic move marks a major effort by the company to broaden its reach within the Asian market. By leveraging HashPaletteâs established relationships with Japanese businesses, Aptos aims to position itself as a key player in the regionâs Web3 ecosystem.
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In a statement, Mo Shaikh, CEO and founder of Aptos Labs, emphasized the importance of the acquisition, noting that it would âempower Japanese enterprises and developers with cutting-edge blockchain technology.â
HashPalette and Aptos
The acquisition aligns with Aptos Labsâ broader mission of supporting the growth of Web3 technology and innovation. Through its partnership with HashPalette, the company intends to facilitate deeper collaboration with developers, NFT creators, and enterprises in Japan.
Meanwhile, HashPort will continue providing services to its existing enterprise clients but will now utilize Aptos Networkâs infrastructure. This transition reinforces Aptosâ commitment to fostering a robust blockchain ecosystem that can cater to local businesses and participants in Japanâs rapidly growing Web3 space.
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Partnership with Franklin Templeton for OnChain Fund
In addition to the HashPalette acquisition, Aptos has also partnered with global asset management firm Franklin Templeton to host the Franklin OnChain US Government Money Fund (FOBXX) on its layer-1 blockchain.
The fund, which was previously managed on the Stellar network, is the first U.S.-registered mutual fund to employ blockchain technology to process transactions and record share ownership.
The partnership highlights Aptos Networkâs growing appeal to institutional players. According to Franklin Templetonâs head of digital assets, Roger Bayston, Aptosâ âunique characteristicsâ were a perfect match for the Benji platform, with each share of the fund tokenized into BENJI tokens stored in digital wallets.
