Coincheck, a Japan-based bitcoin/crypto exchange company, announced today that it will officially launch Coincheck IEO, its new Initial Exchange Offering (IEO) platform, on July 1, 2021.
For its first step, Coincheck IEO will begin accepting purchase orders on July 1st for Palette tokens (PLT) issued by Hashpalette Inc.
Palette tokens are an ERC-20 cryptocurrency that can be used on Palette, an entertainment NFT platform. They are a very high-utility token only available on the Palette consortium chain.
PLT tokens can be used primarily for the following applications:
1. To purchase issued NFT (non-fungible tokens)
2. To pay Palette node management fees
3. To delegate to a Palette consortium member
4. To pay smart contract or NFT issue fees
Using cross-chain technology, Palette is interoperable with Ethereum and other blockchains. With plans to steadily increase interoperability with other blockchains, Palette is expected to support the further expansion of the cryptocurrency ecosystem.
- July 1st 12:00: Begin accepting purchase orders
- July 15th 18:00: End accepting purchase orders
- July 20th: In sequential order, lot drawing and transfer of Palette tokens
- July 27th: 12:00 start of Palette token transactions on the exchange
Details related to Palette token sales:
- Token issuer: Hashpalette Inc
- Token issued: Palette Token (PLT)
- Total number issued: 1,000,000,000
- Total number to be sold: 230,000,000 (23% of total number issued)
- Sales price: ¥ 4.05 /PLT
- Payment currency: Japanese yen
Coincheck IEO Launch
An IEO is a type of Initial Coin Offering (ICO) where a company or project electronically issues utility tokens to procure funds, with a cryptocurrency exchange acting as the main party for screening the project and selling the issuer tokens.
IEOs are being utilized by developers, investors, service providers, and other network participants around the world to construct open, decentralized networks and design new forms of incentives.
By conducting the project screening and selling utility tokens issued by companies and projects, Coincheck IEO will serve as a platform to form and grow communities and support fund procurement.
Coincheck IEO will provide a safe and easy-to-use environment for Japanese cryptocurrency investors to participate in promising projects both in Japan and overseas and contribute to the further development of the cryptocurrency market by supporting cryptocurrency and blockchain-related projects.