Posted 11 months ago | by Ben Armstrong
Coincheck Pioneers Japanese Initial Exchange Offering
A recent joint venture between Hash Palette and Coincheck will see Japan's first-ever Initial Exchange Offering for Hash Palette hit the markets. The deal is designed to leverage Coincheck's customer base and infrastructure to directly issue and sell the Pallet Token.
Coincheck was the victim of a massive hack in 2018 and lost $543 million worth of NEM coins from its investors. After this disaster it was acquired by Monex group, and later granted a trade license by Japan’s Financial Services Agency.
A recent Coincheck press release stated,
“This joint project aims to further develop Japanese cultural contents such as manga/animation, sports, and music, and has utility in the Hash Palette jointly established by Link-U and HashPort in March 2020.”
The Palette token will be used to buy items such as anime, music, graphic novels, sports, and the like on the Palette blockchain or the “Palette Chain”. These items will be tokenized in form of Non-fungible Tokens (NFT) which are called Pallet Tokens.
Coincheck Seems Like a New Company
Coincheck saw its NEM hot wallet hit by a hack and later, it was revealed that the incident happened due to the NEM wallet not having adequate security. The incident hit Coincheck hard, and it lost more than half of its revenue as a result.
Despite this, the exchange gained its trading license and remains as one of the largest crypto exchanges in Japan.
Earlier this year, Coincheck reported a security breach that revealed at least 200 of its customers' personal information such as their identification selfie, birth date, and phone numbers – and hacking remains a concern in the crypto industry globally.
NFTs are Hot!
NFTs offer devs loads of options, and may be the next DeFi-esque sector in tokens. While they may not drive the level innovation that DeFi has, NFTs can be employed in numerous areas that are already very popular.
One of the most prominent industries that NFTs could find a home in is gaming. Having the ability to own game items outright can change the way that games are monetized, and also give gamers a much larger say in the development process.
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