Coincheck, Japan’s cryptocurrency exchange and digital wallet, announced today that the company is postponing the Initial Exchange Offering of its Palette Token (PLT) after encountering trouble in the system’s network.
IEO is an alternative to ICO, where exchanges hold a crowd-funding event and allows start-ups to raise capital by selling utility tokens on their platform.
The company apologized for the situation and announced that the IEO will take place on the 29th of July, instead of the 27th. The tokens will be available on the Coincheck exchange platform at 12:00. The company is conducting the first-ever initial exchange offering in Japan.
Coincheck disclosed its plans back in 2020 when it partnered with Hashpalette, a joint venture between Japanese firm Link-U and blockchain startup HashPort.
Since it is the first-ever IEO conducted in Japan, the demand for the tokens is on the rise and the winning ratio has reached 24.4 times.
