Coincheck’s goal of conducting the first-ever initial exchange offering in Japan is moving closer to becoming a reality.
According to a release issued on Monday, the Japanese crypto exchange announced that the Hashpalette (HPT) IEO will take place in the summer. IEOs are a modified form of initial coin offering where a crypto exchange platform acts as an intermediary between token issuers and investors.
Coincheck partnered with Hashpalette back in August 2020 with plans for HPT to become the first IEO-issued utility token in the Japanese crypto market. At the time, the plan was coming on the heels of newly passed cryptocurrency laws in Japan creating a clear-cut legal framework for token sale events among other market segments.
IEOs have also been the subject of regulatory uncertainty especially concerning whether IEO tokens qualify as securities.
For Coincheck, the goal of conducting Japan’s maiden IEO is part of the efforts to improve its crypto business. Back in January 2018, Coincheck suffered one of