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Since August of the last year, Coincheck has been considering commercializing IEOs, and the dream seems to be on course.
Coincheck, a leading Bitcoin wallet and exchange service based in Japan, announced on Tuesday that it had launched a joint project to realize Japan’s first IEO (Initial Exchange Offering).
“Hashpalette Co., Ltd., a joint venture of Coincheck Co., Ltd., a joint venture of Link-U Co., Ltd., a company listed on the First Section of the Tokyo Stock Exchange, which operates a total of 10 million MAU manga apps, and HashPort Co., Ltd. , Is pleased to announce that we have launched a joint project to realize Japan’s first IEO (Initial Exchange Offering),” the company wrote in a press release.
According to the company, the joint project aims to further develop Japanese cultural contents such as manga/animation, sports, and music.
Through the Initial Exchange Offering, the company anticipates raising about 1 billion yen ($9.4 million) through Palette Token (PLT) sales by March 2021.
IEO is a form of fundraising that is administered by a crypto exchange on behalf of the startup that seeks to raise funds with its newly issued tokens.
According to IEO dictates, token issuers have to pay a listing fee along with a percentage of the tokens sold during the IEO. In return, the tokens of the crypto startups are sold on the exchange’s platforms, and their coins are listed after the IEO is over.
As a result, Coincheck will get a portion of raised cash as it prepares to list the Palette token after the sale is complete.
Coincheck Joint Venture on Palette IEO
Palette is dubbed as a blockchain platform meant for issuing, managing, and distributing digital items that utilize content in the fan community.
On the other hand, Palette tokens are issued on the Ethereum blockchain, whereby they are used for purposes such as payment of consensus node management fees on the “Palette chain”, smart contract issuance fee (GAS), and settlement of NFT sales.
Since August of the last year, Coincheck has been considering commercializing IEOs, and the dream seems to be on course. With Hashpalette aiming to digitize the content industry using blockchain technology, the joint venture is going to push Japan’s blockchain technology further.
Notably, Link-U Co Ltd, one of the startups active in the joint venture, has been digitizing the content industry mainly in the field of e-books since its foundation. Over the period, it has grown to a scale of 12 million readers in the e-book area.