The partnership will utilize Aptos' layer-1 blockchain to distribute digital rewards, with a focus on real-world utility rather than speculation.
As the stablecoin sector sees global momentum grow, white label event management infrastructure provider Rhuna has raised $2 million in seed funding to expand stablecoin payments in the entertainment industry. Related Reading: BNB Chain Memecoin Season? 70% Of Investors In Profit As Four.Meme Surpasses Pump.Fun Rhuna Raises $2 Million In Seed Round On Thursday, Romania-based infrastructure platform Rhuna announced the completion of a $2 million seed round, led by Aptos Labs, to continue providing on-chain payments, access, identity, and rewards infrastructure for the entertainment industry. The seed round saw the participation of Acc Ventures, X Ventures, NewTribe Capital, Keyrock, CoinarketCap Labs, FunFair, Lémanique, and other investors. Notably, Rhuna provides event organizers with a single, programmable layer for wallet-native checkout and POS, ticketing, access control, and real-time stablecoin settlement, acting as a “universal entertainment pass” at different events, powered by stablecoin settlement and on-chain identity. “Organizers can use Rhuna to issue tickets, verify access, run loyalty, accept wallet-native payments, and settle value through a secure, composable layer that feels familiar to users and verifies on-chain,” the platform explained. According to the statement, the new funding aims to strengthen Rhuna’s payments and settlement rails, expand organizer tooling and integration, and accelerate the launch of the platform’s consumer app, designed to “bring discovery, access, and wallet-native checkout into one seamless experience.” Aptos Labs co-founder and CEO, Avery Ching, affirmed that Rhuna is “bridging the gap between digital innovation and real-world experiences.” “We’re proud to support Rhuna in making on-chain payments, access, and rewards seamless and accessible for millions of users across the global entertainment economy,” he added. A Bridge For Stablecoin Payments Rhuna has already supported over 2 million users across its pilot deployments, bridging fiat payments and stablecoin settlement, and reportedly processing over $90 million in volume. Moreover, the platform’s infrastructure has powered over 165 events and major festivals, including UNTOLD, Neversea, and Kapital. The platform highlighted that more than 450,000 attendees of UNTOLD, one of the world’s top music festivals, held in Romania, used Rhuna-powered payments and access systems across the festival grounds. Sveatoslav Vizitiu, Rhuna’s co-founder and CEO, considers that “Entertainment runs on transactions and trust,” affirming that the platform aims to make every step, from the venue gate to the ride home, “verifiable, programmable, and portable so that operators run smarter businesses and fans actually own their experience.” Related Reading: Ethereum 23% Rally Pushes BitMine’s ETH Treasury Holdings To $13.4 Billion The announcement added that the platform has also expanded across continents to power Dubai’s first mega festival, UNTOLD Dubai, which will take place in early November, and to “further validate its scalability across global entertainment ecosystems.” Vizitiu stated that the platform is entering a new phase with the expansion. “With global events like UNTOLD Dubai, we’re bringing more of the entertainment experience on-chain,” he continued, “from Buy Now, Pay Later and our upcoming consumer app, where users can create their own events, to innovative tools for organizers covering payments, mobility, ticketing, and more.” Featured Image from Unsplash.com, Chart from TradingView.com
Also in this issue: Aptos Labs' leadership shift and Sonic's airdrop to TikTok users.
Mo Shaikh, who co-founded the firm in 2021 alongside Avery Ching said he would stay on board at Aptos Labs as a strategic adviser.
Michael Sonnenshein, the former CEO of Grayscale Investments, has joined Aptos Labs as an adviser alongside OpenAI's chief product officer, Kevin Weil.Aptos Labs said it will harness Sonnenshein's knowledge to bring more traditional financial institutions to the network.
Aptos (APT) soared over 10% in the last 24 hours following Aptos Labs’ acquisition of HashPallete. The token is leading the market after becoming the largest gainer among the top 100 cryptocurrencies by market capitalization. Related Reading: Bonk ‘In Prime Position For Turbo Green Week’ As Price Recovers Key Level Aptos To Expand Its Presence In Asia On Thursday, Aptos Labs, the developer of the Aptos network, announced it had agreed to acquire the Japanese Blockchain developer HashPallete, the company behind Japan’s Palette Chain and a subsidiary of HashPort Inc. The agreement aims to become a “game changer for Japan and the Aptos ecosystem” as the integration with the Japanese blockchain is set to strengthen its presence in the Asian market: Japan has long been a hub of technological innovation, and it’s no different when it comes to blockchain. The country’s unique blend of advanced tech and widespread blockchain adoption makes it a model for Web3 initiatives globally. Today, we’re making one of our boldest strategic moves into this market with our agreement to acquire HashPalette Inc. As part of the acquisition, HashPort Inc. will migrate the Pallete Chain and its subsidiary’s applications to the Aptos Network. The Japanese chain will also have access to the Aptos ecosystem’s security, scalability, and developer tools. The migration is expected to be completed by early 2025, in time for the EXPO2025 DIGITAL WALLET. Moreover, Aptos Labs partnered with HashPort to support local developers, NFT creators, and enterprises by “continuing to build blockchain solutions (…) using Aptos Network’s infrastructure.” APT Leads The Crypto Market Following the announcement, APT’s price saw a daily 11% surge, jumping to the $8.66 resistance level before retracing to the $8.51 mark. This performance crowned the token as the leading crypto amid the market retrace. APT is among the few cryptocurrencies recording green numbers in most timeframes among the top 100 tokens by market cap. The altcoin registers a 7.5% and a 41% increase in the weekly and monthly timeframes. Additionally, its daily market volume soared 41.7%, reaching a $769.6 million trading volume in the last 24 hours. The token’s performance was highlighted by several crypto analysts, who considered that APT has the “most interesting chart” at the moment. According to Yuriy from BikoTrading, the cryptocurrency looks strong as the rising trading volume and the price performance “signs for continued growth.” The trader noted that APT’s price held above the key resistance zone amid the market retrace, which sent the token above Q3’s range highs. Similarly, crypto trader Osbrah stated that APT has been “secretly climbing its way to the most interesting alts charts.” He pointed out that, after October 1’s market sweep, the token had a “clean bullish retest” above the $8 mark. To the trader, the next big resistance is at the $9 mark, which could send APT’s price to the $7.95 support zone if it fails to reclaim it. Meanwhile, another market watcher suggested that the altcoin’s performance could be close to a breakout. Related Reading: Analysts Unfazed By Bitcoin (BTC) Drop, But Should We Fear October 5? Per the post, SUI and APT moved in a “catch-up trade” path for the past year, moving closely together until SUI decoupled in early 2024. This led to a 44-day lagging period for APT before it followed SUI’s movements. After that, APT rose 98% to its yearly high of $18.8 in mid-March. Now, APT has seen a 32-day lagging period after SUI decoupled again in September, showing “incredible amounts of strength.” Based on this, the analyst suggests that the cryptocurrency could follow SUI’s trajectory and kickstart a massive rally in the next two weeks if history repeats. Featured Image from Unsplash.com, Chart from TradingView.com
Aptos Labs’ acquisition of HashPalette positions the company to integrate Japanese businesses into its blockchain ecosystem and expand Web3 innovation.
The fund will be used to develop an accelerator program for projects built on Aptos.
More fun is in store for filmgoers like Free Renfield The Game and the Excorcist 3: Believer premiums.