Aptos Rallies 7% on Franklin Templeton Expansion and HashPalette Acquisition

Franklin Templeton’s FOBXX is coming to Aptos and Japanese blockchain HashPalette is acquired by Aptos Labs

By: Squiffs • October 03, 2024

Aptos Rallies 7% on Franklin Templeton Expansion and HashPalette Acquisition

Aptos’s token is outperforming the cryptocurrency market after Franklin Templeton said it’s bringing its on-chain fund to the Layer 1 network.

Aptos’s native token APT is one of the few tokens that are up on the day. APT rallied by as much as 13% over the last 24 hours, moving from a low of $7.53 to a high of $8.57 before reverting down to $8.2. Over the same time period BTC is down 0.5% and ETH is down 2.6%.

the-defiant — APT Price - Source: Coingecko

Global investment firm Franklin Templeton launched its Franklin OnChain U.S. Government Money Fund (FOBXX) – currently on Arbitrum, Polygon, Stellar and Avalanche blockchains – on Aptos.

FOBXX is the third-largest tokenized treasury product with a $437 million market capitalization, trailing BlackRock’s BUIDL, which boasts a $512 million market capitalization and Ondo’s $440 million USDY, according to RWA.xyz.

Aptos is also rallying after Aptos Labs announced the acquisition of Japanese media-focused blockchain, HashPalette.

HashPalette, originally owned by HashPort is now a wholly owned subsidiary of Aptos Labs, which will see Palette’s PLT token be redeemed for APT in late November. NFTs issued on Palette will also be migrated to the Aptos Network.

Yoshihiro Yoshida, the CEO of HashPort and Founder of HashPalette, said, “we believe that migrating to the Aptos Network, a global top-class blockchain, is the best way to achieve our goal of implementing Web3 in society. HashPort will continue to work closely with Aptos Labs to promote social implementation in the chain field.”

PLT sold off after the announcement and is down 19% on the day.