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Aptos token increases by 11.6% following Microsoft’s agreement to integrate AI with blockchain technology.
Aptos (APT), the cryptocurrency that powers the layer-1 blockchain Aptos Network, has risen by approximately 11.6% following the announcement of its collaboration with Microsoft to utilize its suite of artificial intelligence tools to promote Web3 adoption among financial institutions and banks.
This initiative will allow the Aptos Network to leverage Microsoft’s Azure OpenAI service to investigate advancements in asset tokenization, on-chain payments, and central bank digital currencies, as stated by Aptos in a release on August 9.
Today, we’re making Aptos history.@AptosLabs is partnering with @Microsoft to unlock Web3 on the @Aptos_Network.
As an @msPartner, our joint suite of AI-supported tools will offer developers and users around the world effortless access to Web3. (1/6) pic.twitter.com/zWsrVWhSql— Aptos Labs (@AptosLabs) August 9, 2023
Mo Shaikh, the CEO of Aptos Labs, who has previously held positions at Meta and BlackRock, expressed optimism regarding AI-driven blockchain solutions:
“Artificial Intelligence and blockchain technologies are quickly converging for one important reason: they are both generational breakthroughs that profoundly impact the evolution of the internet and shape society.”
One of the newly introduced tools, Aptos Assistant — a ChatGPT-powered chatbot — is designed to assist users in transitioning from Web2 to Web3 by providing virtual support during the onboarding process.
Additionally, Microsoft will enhance the security of the Aptos Network by enabling Aptos Labs to operate validator nodes on Azure, as per the cryptocurrency firm.
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The announcement, made on August 9 at 12:30 pm UTC, led to an immediate increase in APT of 17.6% to $7.92 within the first 50 minutes, before settling at $7.51 at the time of this report, according to CoinGecko.
APT surged nearly 18% following the announcement. Source: CoinGecko.
Related: Superblock raises $8M for “Over Protocol,” a new layer 1 blockchain focusing on lightweight full nodes
Despite the price increase, the Aptos token remains down 62.9% from its all-time high of $19.92 on January 26, 2023, according to CoinGecko.
The Aptos Network was launched on October 17 after four years of development. Aptos was established by former Meta employees Mo Shaikh and Avery Ching, who were also involved in Meta’s unsuccessful Diem project.
It secured $150 million in funding in July 2022 and $200 million in March 2022 from investors including Andreessen Horowitz, Coinbase Ventures, and FTX Ventures.
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