Aptos Labs is striking a deal with Japan’s HashPort Inc. to acquire one of its important units and the developer of the Palette blockchain, HashPalette Inc. The deal comes at a time when Aptos is in the process of expanding its operations in Japan given the heightened demand for cryptocurrencies in the region.
The announcement, made on Thursday, October 3rd, received a positive response from the market. According to CoinMarketCap data, the price of APT skyrocketed over 6% and was one of the top gainers for the day.
Aptos’ current rise is also significant given that the move stays opposite to that of the overall crypto world. As UnCrypto reported, the Global crypto market is currently experiencing a decline given the ongoing geo-political tensions.
As per the terms of the deal, HashPort will move HashPalette’s apps and the Palette Chain to the Aptos Network. Palette Chain’s community will be able to innovate and expand their projects by joining the Aptos ecosystem, which will provide them access to improved scalability, stronger security, and a full suite of developer tools.
The migration of Palette Chain’s governance token, PLT to the native token of Aptos, APT is also likely underway. Beginning in late November, holders of PLT, the governance token of Palette Chain, will be able to trade their PLT tokens for APT.
Aptos to Become Exclusive Blockchain Provider for EXPO2025 DIGITAL WALLET
The aftermath of Aptos’ acquisition of HashPalette Inc. will also result in the blockchain firm becoming the official provider of Blockchain services at the EXPO2025 DIGITAL WALLET at Expo 2025 in Osaka, Kansai, Japan.
Through this partnership, Expo attendees will be able to engage with digital assets, decentralized apps, and NFTs via the Aptos-driven EXPO2025 DIGITAL WALLET. Potential features like tickets, loyalty programs, digital collectibles, and pavilion reservations would also be made available to users upon activation.
Aptos and HashPort are also in addition talks to enable a partnership that will see HashPort using Aptos Network’s infrastructure to continue developing blockchain solutions for its enterprise clients, thereby accelerating the nation’s widespread adoption of Web3 technology.
Aptos Price Surges Over 6%, Will the Rise Continue In the Future?
Aptos coin (APT) saw a surge of over 6% during its early trading session on October 3rd, indicating that the market had positive hopes from the announced deal.
Investors are now wondering if the coin will be able to maintain its current trajectory. Many market participants are seeing Aptos price projection to be in the positive territory for the coming month.
APT’s technical indicators indicate that the current mood for the coin is bullish, and the Fear & Greed Index is currently reading 37 (Fear). During the previous 30 days, Aptos had 16/30 (53%) green days and 13.67% price volatility.
These technical indicators show that Aptos’s 200-day SMA is likely to grow during the upcoming month, reaching $ 8.79 on November 02, 2024.
The momentum oscillator known as the Relative Strength Index (RSI) is a widely used indicator that indicates when a cryptocurrency is overbought (above 70) or oversold (below 30). As of right now, the APT market is neutral, as shown by the RSI figure of 59.90.