BitMEX founder Arthur Hayes has reportedly said that the Aptos (APT) layer-1 blockchain 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in Seoul, reported by Aptos co-founder Mo Shaikh, Hayes said his experience in the TradFi world showed him how outdated the industry is, with frequent friction and conflicts over settlement delays, foreign exchange payments and inventory deliveries.
The crypto veteran says 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 it all to an Aptos DEX. With a DEX, you get 24/7 trading and instant settlement. Why does it take a day or two to settle stock, bond, or security trades in a world where there’s only data moving around?”
Exchanges resist changing their policies because doing so would reveal their lack of real value – they are just intermediaries – collectors – who can be easily disintermediated.
Hayes says such a solution would eliminate the need for a lot of unnecessary friction, solving many problems for companies like BlackRock.
“When you eliminate the middleman, there are no brokers. Anyone with a wallet becomes a broker. No need for custodians, because the blockchain itself handles custody, and no need for an easy-to-use wallet. Traditional exchanges and middlemen (brokers, custodians, and companies that profit from paying for order flow) are unnecessary.
“All of this volume and revenue can be internalized, allowing you to offer lower fees to clients and better incentives to your sellers. Let’s just say that using an Aptos DEX would solve a LOT of problems for a TradFi institution like BlackRock.”
Recently, Hayes predicted that Aptos could overtake Solana (SOL) this market cycle.
“I’ll put that out there on that particular location and I’ll flesh it out with more information probably later this summer once I’m back in the loop. Aptos is blowing Solana away in the layer 1 game. I’ll put that out there. I’m not going to say more than that.
I think Aptos could be the number two pick in L1 ahead of Solana this cycle. That’s a one to three year prediction.
At the time of writing, APT is worth $5.81, down 4.8% in the last 24 hours.
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Featured image: Shutterstock/Mia Stendal
