Aptos (APT) price has increased over 10% in the past 24 hours and is trading at $8.49 at the time of writing. With the bull market rally, APT’s market capitalization and 24-hour trading volume surged by 10% and 26%, respectively, to $4,333,435,956 and $439,700,090.
This goes hand in hand with increased investor interest. This could be the result of a recent strategic move by Aptos Labs to expand its presence in the Japanese market. The company recently acquired HashPalette, a leading company in the Japanese blockchain space.
APT/USD 24-hour price chart (Source: CoinMarketCap)
If the buying pressure continues, this move could mean APT is rising. The price is testing the first resistance level at $8.48.
If the uptrend continues, the next level is $9.00. Some major support levels are $7.85 and $7.50. It acts as a cushion in case the price falls.
Strategic acquisition of HashPalette by Aptos Labs
Aptos Labs’ acquisition agreement with HashPalette is subject to receiving all necessary regulatory approvals and satisfying other customary closing conditions.
This reflects the next phase of Aptos Labs’ growth strategy in Asia Pacific. HashPalette, a subsidiary of HashPort, focuses on non-fungible tokens (NFTs) and blockchain-related services in Japan.
Aptos Labs today announced that it has agreed to acquire HashPalette Inc., the developer of Japan’s famous blockchain Palette. Aptos will serve as the exclusive blockchain provider for EXPO2025 DIGITAL WALLET at Expo 2025 in Osaka, Kansai, Japan. Pallet chain migration…
— Wu Blockchain (@WuBlockchain) October 3, 2024
Aptos (APT) plans to incorporate HashPalette’s blockchain and solutions into the Aptos Network. This will enable Japanese developers to utilize cutting-edge Aptos tools and assets to accelerate blockchain development in the Japanese digital market.
With this acquisition, the company plans to enter the Japanese market. HashPalette’s industry connections may come in handy. In addition to HashPalette, Aptos Labs has established a strategic partnership with HashPort, the parent company of HashPalette.
This partnership aims to accelerate blockchain adoption in Japan by leveraging the Aptos network to develop new blockchain solutions. HashPort will also continue to operate with clients through Aptos’ blockchain technology, potentially increasing customer numbers and improving its services.
The company also plans to hire developers, NFT artists, and organizations based in Japan. To this end, the company plans to help these companies leverage the blockchain ecosystem to drive innovation in Japan’s Web3 ecosystem. This partnership will also help Aptos Labs strengthen its market dominance in the Asia region as a blockchain technology company.
Aptos will exhibit at Power Expo 2025 in Osaka
Notably, this acquisition positions Aptos Labs (APT) as the exclusive blockchain partner for Expo 2025 in Osaka, Japan. The event, which is expected to attract millions of visitors, provides Aptos with an excellent platform to demonstrate its blockchain technology to the world.
HashPalette’s integration of Palette Chain into the Aptos Network is expected to be completed by January 2025, prior to Expo.
At the event, blockchain technology will help people use NFTs, DeFi, and digital wallets. With this partnership, Aptos Labs will expand its reach in the Japanese market and increase its chances of gaining recognition on a global level.
Growing interest in Aptos blockchain technology
After announcing the acquisition of Hashpalette, Aptos’ derivatives trading volume increased by 54.87% to $1.02 billion. Open interest in Aptos (APT) derivatives also increased by 40.70% to $176.04 million.
Source: Coinglass
This increase in trading volume indicates that people are becoming increasingly optimistic about APT’s prospects and are considering buying and selling the token in anticipation of price increases.
Several financial giants also see Aptos as an innovative and promising solution. Franklin Templeton recently selected Aptos to host the OnChain US government money market fund worth $435 million, thereby strengthening its position in the blockchain and financial industry.
