BitMEX founder Arthur Hayes reportedly says that layer-1 blockchain Aptos (APT) is capable of solving many problems for the traditional finance (TradFi) world.
In a speech at the recent Aptos Experience conference in Seoul reported by Aptos co-founder Mo Shaikh, Hayes says that his experience in the TradFi world showed him how antiquated the industry is, with large amounts of friction and frequent disputes over settlement delays, currency payments and stock deliveries.
The crypto veteran says that a world where TradFi products trade on an Aptos-based decentralized exchange (DEX) could change that.
“As an ETF (exchange-traded fund) issuer, you don’t want to deal with all that, so you move all that to an Aptos DEX. With a DEX, you get 24/7 trading and immediate settlement. Why does it take one or two days to settle stock, bond or securities trades in a world where it’s just data moving around?
Exchanges resist changing their policies because doing so would expose their lack of real value – they’re just middlemen – toll takers – who can be easily disintermediated.”
Hayes says that such a solution would eliminate the need for tons of unnecessary friction, solving many issues for firms like BlackRock.
“When you cut out the middlemen, there’s no more brokers. Anyone with a wallet becomes the broker. No need for custodians, as the chain itself handles custody, or an easy-to-use wallet. Traditional exchanges and the intermediaries – brokers, custodians, and firms profiting off payment for order flow – are unnecessary.
All that volume and revenue can be internalized, allowing you to offer lower fees to customers and better incentives to your salespeople. Let’s just say using an Aptos DEX would solve A LOT of problems for a TradFi institution like BlackRock.”
Recently, Hayes predicted that Aptos may overtake Solana (SOL) in this market cycle.
“I’ll put this out there on this particular venue and I’ll qualify it with more information probably later this summer once I get back in the swing of things. Aptos flips Solana in the layer-1 game. I’ll put that out there. I’m not going to say any more than that.
I think Aptos could be the number two L1 over Solana within this cycle. That’s a one to three-year sort of prediction.”
At time of writing, APT is worth $5.81, down 4.8% in the last 24 hours.