Discontinuation of Palette Token (PLT) Trading: Coincheck | CoinDesk JAPAN

Coincheck, a cryptocurrency exchange, announced on December 18 that it will discontinue the handling of Palette Token (PLT) on January 20, 2025.

The company regularly monitors the disclosure information, development status, liquidity, etc. of the cryptocurrencies being handled, and has determined that it is difficult to provide stable services based on a comprehensive consideration of the project's continuity, etc., regarding PLT.

PLT is the native Token of the NFT-specialized blockchain 'Pallet Chain', and its developer HashPalette released the Token on Coincheck in July 2021 as the first domestic IEO (Initial Exchange Offering).

In October 2024, Aptos Labs, which is responsible for the Layer 1 blockchain 'Aptos', announced the acquisition of Hash Palette. Palette Chain was integrated into Aptos. As a result, Hash Palette is guiding the exchange from PLT to Aptos Token (APT) (0.00339139 APT for PLT1) on its website and other platforms.

Related articles: Aptos acquires HashPalette - integrating Palette Chain into Aptos to strengthen its presence in the Japanese market

The discontinuation will be implemented gradually, starting with the suspension of use at Coincheck NFT on December 19, 2024, followed by the suspension of external receipts on the 23rd of the same month, the suspension of new lending applications for cryptocurrency lending services on the 25th, and the suspension of lending for the same service on the 27th. Trading on the exchange will be suspended on January 9, 2025, and external transfers will be suspended on the 20th of the same month.

PLT holders are recommended to sell or transfer their holdings outside of the exchange by the deadline. If they continue to hold PLT after the deadline, Coincheck will exchange them to Japanese yen at a time deemed appropriate and reflect the balance in their account.

|Text: Naoki Tochiyama |Image: From the Coincheck website (captured)

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