Leading Japanese cryptocurrency exchange Coincheck has launched an IEO [Initial Exchange Offering] platform for raising funds via utility tokens.
In line with a recent official announcement from Coincheck, the cryptocurrency exchange in collaboration with the Japanese company Hashpalette to implement an IEO [Initial Exchange Offering] to sell Palette Tokens [PLT] based on the Ethereum blockchain platform Palette. The cryptocurrency exchange plans to coordinate the IEO with the JVCEA [Japan Virtual and Crypto assets Exchange Association] by the end of this year.
Hashpalette launched earlier in the month of March as a venture between Japanese company Link-U and blockchain firm HashPort. The non-fungible tokens [NFT] are often used on the Palette blockchain platform for a several number of purchases related to Japanese manga comics, sports, and music. The firm added that it had been “in discussions with multiple companies” with reference to the IEO.
In line with a representative from Coincheck:
“We are building an ecosystem that allows creators and artists to offer users with unique experiences in digital content. We can accelerate the expansion of this ecosystem with digital assets for supporting payment methods and voting, and thus the sales and distribution of Palette Tokens offered as incentives for operating nodes.”
An IEO is a fundraising method administered by a longtime & proven cryptocurrency exchange. In contrast to an ICO, where the fundraising is conducted by a project team themselves, an IEO is run on a documented exchange’s platform for raising funds by issuing utility tokens.
Coincheck has hinted at its plans to work on an IEO for over a year from now. Its parent company, Japanese financial services firm Monex Group, has mentioned the likelihood of an IEO in periodic public statements.