Coincheck, a Tokyo-based cryptocurrency services provider, today announced that the company is planning to conduct an initial exchange offering (IEO) of Hashpalette this summer. Coincheck initially partnered with Hashpalette in August 2020 as a part of the company’s plan to enter the IEO business.
According to an official announcement, the IEO business has gained significant attention in the last few years due to a jump in the adoption of cryptocurrency assets. Coincheck aims to expand its crypto services in the future.
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Commenting on the structure of an initial exchange offering, Coincheck said: “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. An IEO is a type of initial coin offering (ICO) by which a company or project electronically 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. They have gained much attention in recent years as a means to provide incentives to network participants.”
In February 2021, Coincheck announced the acquisition of Metaps Alpha, a blockchain firm that has been offering an on-chain NFT marketplace called ‘miime’ since September 2019, in an effort to expand its NFT marketplace.
Coincheck is a subsidiary of Monex Group, a leading financial services provider in Japan. During the latest financial results, Monex Group highlighted a significant contribution of its cryptocurrency businesses to the Group’s overall profitability. In December 2020, Monex Group released the results of its Global Retail Investor Survey and mentioned that the number of investors in Japan with active cryptocurrency investments reached a record high of 16.2%. The results also highlighted a record increase in the US-based investors with active cryptocurrency investments.
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