Japan crypto exchange Coincheck to host NFT platform Hashpalette’s IEO

Coincheck, a Japan-based crypto exchange company, today announced its plans to conduct an IEO this summer for Hashpalette, a blockchain network to mint, manage and trade digital content as NFTs.

Back in summer 2019, to contribute to the growth and development of its cryptocurrency exchange, Coincheck began considering entering the IEO business. Then, back in August 2020, Coincheck and Hashpalette made public the goal to realize Japan’s first IEO.

IEO

An IEO (initial exchange offering) is a system where a cryptocurrency exchange supports the formation and growth of communities and fund procurement with the issuance of tokens.

Operating as a type of initial coin offering (ICO), IEO’s are a method by which a company or project digitally issues utility tokens to procure funds; and a cryptocurrency exchange acts as the main party for selling the issuer tokens.

Tokens issued by companies and projects enable the construction of open, decentralized networks with users, developers, investors, service providers, and other network participants from around the world.

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