Bitwise Asset Management is ushering in a new era in altcoin investment. The world’s first Aptos Staking ETP, “Bitwise Aptos Staking ETP” (APTB), will begin trading on the SIX Swiss Exchange on November 19, 2024. The product aims to provide a 4.7 percent return on assets staked on the Aptos blockchain.
A critical development for Aptos behind the altcoin APT
According to a press release that hit the agenda today, Bitwise is launching the world’s first Aptos-focused EtP. Aptos is a Layer 1 blockchain that will launch in 2022 and supports high-performance and enterprise-level applications. Aptos’ low transaction costs and high transaction speeds have attracted attention. The platform has grown rapidly, reaching more than 8 million active users per month. Backed by an experienced team involved in Meta’s blockchain initiative, Aptos is funded by investors such as Andreessen Horowitz, Apollo Global Management, and PayPal Ventures.
According to Bitwise, Aptos Staking ETP is designed to increase access to the Aptos ecosystem. The ETP aims to earn a net return of 4.7 percent by staking assets. Staking allows token holders to use their assets for transaction validation on Proof of Stake (PoS)-based blockchains like Aptos. In this way, the security of the blockchain increases, while altcoin holders earn additional token rewards. Staking can be compared to dividend payments in stocks. Bitwise CEO Hunter Horsley said the following about this new product:
Bitwise has been a pioneer in providing investors with opportunities in the crypto asset class for seven years. With the launch of Bitcoin and Ethereum spot ETPs in the US, many investors have started to make room for crypto assets in their portfolios. We are happy to offer investors access to Aptos, one of the exciting next-generation blockchains, with Bitwise Aptos Staking ETP.
10th ETP in Europe
Bitwise’s 10th ETP in Europe stands out as an important part of the company’s expanding product range. Bitwise has the most liquid physically-backed Bitcoin ETP (BTCE) and Ethereum Staking ETP (ET32) in Europe. Following the listing of APTB, Bitwise plans to make the ETP available for trading on other leading European exchanges. Meanwhile, the price of APT has increased both on market optimism and on the news of the ETP.
The altcoin, which ranks 20th by market value, is trading with a 21 percent increase. Aptos managed to rise from $10.73 to $13.99 on a daily basis. It is currently changing hands at $13.11. The cryptocurrency is 35 percent below its all-time high of $19.90. Time will tell whether it will break its record in the coming period.
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