Aptos cryptocurrency, driving the layer-1 blockchain of Aptos Network, has witnessed an 11.6% surge in response to its collaboration announcement with Microsoft. The partnership aims to propel Web3 adoption among financial institutions through the fusion of Microsoft’s artificial intelligence capabilities with blockchain technology.
AI-Powered Innovations for Financial Landscape
Aptos Network plans to harness Microsoft’s Azure OpenAI service to explore groundbreaking avenues in asset tokenization, on-chain payments, and the development of central bank digital currencies. Mo Shaikh, CEO of Aptos Labs and former executive at Meta and BlackRock, underscores the profound impact of this convergence on the internet’s evolution and societal transformation.
Empowering Users with AI-Driven Guidance
Among the novel tools introduced is Aptos Assistant, a chatbot powered by ChatGPT, which will guide users in transitioning from Web2 to Web3. This virtual assistant offers seamless onboarding support, facilitating the integration of users into the new blockchain paradigm.
Microsoft’s involvement extends to bolstering the security of Aptos Network. Aptos Labs will operate validator nodes on Microsoft Azure, reinforcing the network’s integrity and robustness.
Immediate Price Reaction and Long-Term Performance
Following the announcement’s unveiling on August 9, the Aptos token (APT) experienced an initial surge of 17.6%, reaching $7.92 within just 50 minutes. Subsequently, the token settled at $7.51 (as per CoinGecko’s data at the time of writing). Despite this positive momentum, the Aptos token remains 62.9% below its all-time high price of $19.92 on January 26, according to CoinGecko records.
Aptos Network’s Journey and Funding
Aptos Network, founded by former Meta employees Mo Shaikh and Avery Ching, commenced operations on October 17 after a four-year development phase. The network secured significant funding, amassing $150 million in July 2022 and an additional $200 million in March 2022 from prominent investors, including Andreessen Horowitz, Coinbase Ventures, and FTX Ventures.
In summary, the partnership between Aptos Network and Microsoft stands to drive substantial advancements at the intersection of AI and blockchain, ushering in transformative changes for the financial sector and beyond.