fit (APT), the cryptocurrency that powers the layer 1 blockchain Aptos Network, is up about 11.6% since announcing a partnership that will leverage Microsoft’s AI suite of tools to advance Web3 adoption among banks and financial firms.
This will be achieved by enabling Aptos Network to leverage Microsoft’s Azure OpenAI service to explore innovations in asset tokenization, on-chain payments and central bank digital currencies, said fit in a statement on Aug. 9.
— Aptos Labs (@AptosLabs) August 9, 2023
Today, we’re making Aptos history. @AptosLabs partners with @Microsoft to deploy Web3 on the @Aptos_Network. As @msPartner, our joint suite of AI-powered tools will give developers and users around the world effortless access to Web3.
Aptos Labs CEO Mo Shaikh, who previously worked at Meta and BlackRock, had high hopes for AI-powered blockchain solutions:
“Artificial Intelligence and blockchain technologies are rapidly converging for one important reason: both are generational advances that profoundly affect the evolution of the Internet and shape society.”
One of the new tools Aptos Assistant -a chatbot powered by ChatGPT-, will aim to help users move from Web2 to Web3 by offering them virtual guidance in the onboarding process.
Microsoft will also increase the security of the Aptos Network by allowing Aptos Labs to run validator nodes on Azure, according to the cryptocurrency company.
The newswhich was released at 12:30 pm UTC on August 9, immediately drove the APT price up 17.6% to $7.92 in 50 minutes before the token hit $7.5 at the time of writing this article, according to CoinGecko.
Despite the price hike, the Aptos token is still 62.9% below its all-time high of $19.92 on Jan. 26, according to CoinGecko.
The Aptos Network launched on October 17 after four years of development. Aptos was founded by former Meta employees Mo Shaikh and Avery Chingwho also participated in the failed Diem de Meta project.
Closed USD 150 million in financing in July 2022 and USD 200 million in March 2022 from the companies Andreessen Horowitz, Coinbase Ventures and FTX Ventures.
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