Japan recently held its country’s first Initial Exchange Offering (IEO) which raised a total of 1 billion yen (US$9.1 million).
An IEO is a fundraising mechanism where crypto startups raise funds through a trading platform. Palette, an NFT platform developed by Hashpalette, is a joint venture between Japanese company Link-U and blockchain firm HashPort.
The fundraising event was scheduled for 29th June on Coincheck. The funds raised in the IEO were $9.1 million. However, the application amount was just over $200 million.
Palette is a blockchain platform that sells a variety of products related to manga, anime, sports, and music in return for NFTs. The current value of Palette Token (PLT) at the time of writing is 26.45 Japanese yen (US$.24).
Coincheck is a subsidiary of Monex group that is diversifying its crypto exchange business focusing on crypto assets and NFTs. In addition to offering platforms for Bitcoin and Ethereum investment and trade, the company also operates a marketplace where investors can buy and sell NFTs.