Aptos Labs Teams Up With Microsoft, SK Telecom For New Institutional Platform, APT Soars 3%

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Notable tech companies, including Microsoft, Brevan Howard, and SK Telecom, have teamed up with Aptos Labs, the innovator behind the Aptos (APT) blockchain, to create a new decentralized finance (DeFi) system based on the Aptos L1 platform.

Aptos Labs Unveils Aptos Ascend

On Thursdays announcement, Aptos Labs unveiled their new project, Aptos Ascend. This innovative service will utilize Microsoft Azure’s cloud technologies, Azure OpenAI, and SK Telecom’s resources. Additionally, they will draw on the knowledge of Brevan Howard and Boston Consulting Group (BCG) to deliver advanced digital currency and asset management solutions for their customers.

Through this collaboration, we strive to establish new standards for financially sound and expandable offerings based on the Aptos blockchain. Notably, with the debut of Aptos Ascend.

Aptos Ascend offers sophisticated Digital Asset Management features, allowing for precise control and flexibility.

One notable aspect is the ability to adjust tokens according to unique financial conditions. Access is restricted to authorized transactions and involved parties. Furthermore, ZKP technology is employed to maintain privacy, ensuring sensitive transaction information remains concealed and in compliance with regulations.

In addition, Aptos Ascend’s NetworkControls allow financial institutions to enhance their systems and prepare for upcoming financial hurdles.

Through adjustable options, we can modify network configurations to comply with regulatory standards. We add an extra layer of protection using multi-signature procedures, and maintain openness by keeping detailed logs for full accountability.

Convergence Of AI And Blockchain

Mo Shaikh, the Co-founder and CEO of Aptos Labs, is confident that the project will unleash the hidden capabilities of the blockchain technology that financial institutions have been looking forward to.

Shaikh highlighted that this partnership marks the initiation of a significant “financial transformation” and looked forward to the innovative leaders who will utilize the advanced features of the Aptos Ascend platform.

By August 2023, Aptos Labs had publicly shared their plans to leverage Microsoft’s infrastructure to launch innovative products integrating AI and blockchain.

In the array of options presented, there was Aptos Assistant – an advanced chatbot designed to enhance user interactions. Shaikh underscored the fusion of AI and blockchain as revolutionary influences shaping the internet and our society. He reiterated the common goal of Aptos Labs and Microsoft: making this groundbreaking technology available to a larger demographic.

APT Breaks Month-Long Downtrend

After working together on the new platform, APT went through a notable improvement following a slump that lasted for almost a month. This slump resulted in a decrease of more than 40% for APT’s value. The release of a large number of APT tokens during an unlock event was the main cause of this decline.

Prior to the April 12 unlock event, the price of APT had decreased by approximately 16% in value. During this event, over $141 million in tokens were distributed. This included $100 million for investors, $38 million for community members, and $16 million set aside for the development foundation. The distributed APT tokens represent around 6% of the current total supply in circulation.

Aptos Labs Teams Up With Microsoft, SK Telecom For New Institutional Platform, APT Soars 3%

At the moment, APT is priced at $9.54 in the markets, marking a 6% rise following the announcement of its collaboration. Additionally, CoinGecko reports that the token’s trading activity has significantly spiked, amounting to $238 million, which represents a 46% jump from the volume observed on Wednesday.

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2024-04-19 00:04