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The foundational cryptocurrency of Aptos Network, Aptos (APT), witnessed an 11.8% increase in value after unveiling a strategic partnership with Microsoft. The collaboration aims to expedite the adoption of Web3, the next phase of the internet, within the financial sector.
The partnership empowers Aptos Network to leverage Microsoft's Azure OpenAI services, opening up new avenues in the financial domain. This includes the digitization of assets, facilitation of on-chain monetary transactions, and support for central bank-backed digital currencies. Aptos announced this collaboration on August 9.
Aptos Labs, led by Mo Shaikh, a former professional at esteemed companies like Meta and BlackRock, expressed excitement about the convergence of AI and blockchain. Shaikh envisions these transformative technologies reshaping the internet's trajectory and leaving a lasting impact on society.
Microsoft has taken this partnership further by introducing the Aptos Assistant, an innovative chatbot powered by ChatGPT. The chatbot aims to ease the transition for users moving from the established Web2 environment to the emerging Web3 landscape by offering essential guidance during the initial stages.
In addition, Microsoft is bolstering the security aspect of the Aptos Network. They have granted Aptos Labs permission to establish validator nodes on Azure, enhancing the overall security and reliability of transactions on the platform.
However, it's important to note that despite the recent value surge, Aptos (APT) remains significantly below its peak, witnessing a decline of 62.5% from its highest price of $19.95 in January, according to data from CoinGecko.
Launched on October 17 after four years of meticulous planning and development, the Aptos Network was co-founded by Mo Shaikh and Avery Ching, both former associates of Meta. The project garnered substantial investments, raising $150 million and $200 million in July and March 2022, respectively. The support of prominent backers such as Andreessen Horowitz, Coinbase Ventures, and FTX Ventures contributed to its success.
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