Aptos Labs Teams Up With Microsoft, SK Telecom For New Institutional Platform, APT Soars 3%
19 April 2024 - 7:00AM
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In a notable collaboration, Aptos Labs, the developer of the Aptos
(APT) Layer-1 (L1) blockchain, announced a partnership with tech
giants Microsoft, Brevan Howard, and South Korean
telecommunications company SK Telecom for a new decentralized
finance (DeFi) platform. Aptos Labs Unveils Aptos Ascend The
announcement, made on Thursday, revealed that Aptos Labs is
launching Aptos Ascend, which will leverage the technologies of
cloud computing platform Microsoft Azure, Azure OpenAI service, and
SK Telecom while benefiting from the expertise of Brevan Howard and
Boston Consulting Group (BCG) to provide digital currency and asset
management services to its user base. This partnership effort
aims to set new benchmarks for secure and scalable financial
solutions built on the Aptos blockchain, specifically through the
launch of Aptos Ascend. Related Reading: Historical Data Sparks
Excitement: VeChain Price Poised For A Bullish Breakout? Aptos
Ascend introduces advanced Digital Asset Controls designed to
provide precision and adaptability in asset management. Key
features include customizable tokens tailored to specific financial
requirements, access control limited to approved transactions and
participants, and increased confidentiality through Zero-Knowledge
Proofs (ZKP) that ensure compliant transaction details remain
secure. Furthermore, Aptos Ascend’s Network Controls empower
financial institutions to upgrade their infrastructure and address
future financial challenges. This is achieved through customizable
solutions that allow adaptation of network settings to meet
regulatory requirements, implementation of multi-signature
protocols for improved security, and maintenance of transparency
through comprehensive audit trails. Convergence Of AI And
Blockchain Mo Shaikh, Co-founder and CEO of Aptos Labs, believes
the project will “unlock the on-chain potential that financial
institutions have been eagerly awaiting.” Shaikh emphasized
that this collaboration signifies the beginning of a ‘financial
revolution” and expressed excitement about the future pioneers who
will leverage the capabilities of the Aptos Ascend suite. In August
2023, Aptos Labs had already announced their utilization of
Microsoft’s infrastructure to deploy new offerings that combine
artificial intelligence (AI) and blockchain technology. Among these
offerings was Aptos Assistant, a chatbot that provides increased
user experiences. Shaikh highlighted the convergence of AI and
blockchain as “transformative forces” that shape the internet and
society and emphasized the shared vision of Aptos Labs and
Microsoft to make this technology accessible to a wider audience.
APT Breaks Month-Long Downtrend Following the collaboration and the
introduction of the new platform, APT has experienced a significant
breakthrough in its month-long downtrend, which amounted to a
decline of over 40%. The unlock event of a substantial portion of
APT tokens primarily drove this decline. Before the unlock event on
April 12, APT had already witnessed a price drop of nearly 16%. In
this event, $141 million worth of tokens were distributed, with
$100 million allocated to investors, $38 million among community
members, and $16 million earmarked for the ecosystem development
foundation. The released APT tokens account for 6% of the current
circulating supply. Related Reading: Bitcoin To $455,000: Expert
Echoes Previous Halving Pattern Currently, APT is trading at $9.54,
recording a surge of 6% concurrent with the collaboration
unveiling. Moreover, according to data from CoinGecko, the
token’s trading volume has experienced a remarkable increase,
reaching $238 million, reflecting a 46% surge compared to the
trading volume on Wednesday. Featured image from Shutterstock,
chart from TradingView.com
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