Microsoft and Aptos Labs partnership sends APT token soaring News โธ Aptos โธ Technology
Microsoft and Aptos Labs partnership sends APT token soaring
Aptos' APT token is scheduled to unlock around 2% of its circulating supply by Aug. 11.
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Updated: Aug. 9, 2023 at 5:14 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Aptos Labs, the developer of layer1 blockchain network Aptos (APT), has partnered with Microsoft to “unlock Web3,” according to an Aug. 9 press statement shared with CryptoSlate.
The blockchain network stated that the partnership would explore asset tokenization, payments, and Central Bank Digital Currencies (CBDCs).
Aptos integrates AI through Microsoft partnership
The network also introduced Aptos Assistant, a Web3 onboarding tool. The new AI tool would use Microsoft’s Azure OpenAI Service to “operate as a responsible, user-friendly and secure assistant bridging web2 to web3 for the everyday internet user and organization.”
On its official X handle, Aptos wrote:
“Natural language assistance will help users onboard Web3 fundamentals and beyond, and creators can use it to build smart contracts and decentralized apps.”
Speaking on the partnership, Mo Shaikh, Aptos Labs CEO, pointed out that artificial intelligence and blockchain technology are generational breakthroughs that have profoundly impacted society. According to Shaikh, the partnership between both firms would make these technologies more accessible to people.
Rashmi Misra, the general manager of AI & Emerging Technologies at Microsoft, also shares this view, adding that “the intersection of AI and blockchain is one of the most interesting combinations of emerging technologies and can generate transformational use cases.”
Meanwhile, Aptos stated that it would be running run validator nodes on Azure to enhance the reliability and security of its blockchain.
APT soars 17%, anticipates token unlock
Following news of the partnership, Aptos’ APT token rallied by more than 17% to as high as $7.33 before retracing to $7.34 as of press time, according to CryptoSlate’s data.
TokenUnlocks data show that the network will unlock 4.5 million APT tokens worth around $33.62 million by Aug. 11. The scheduled unlock represents around 2% of the token’s circulating supply.
Per the data aggregator dashboard, approximately 3.21 million tokens, equivalent to $23.76 million, will be allocated to the community, while the balance will be distributed to the Aptos Foundation.
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Aptos is an FTX-backed layer-1 blockchain which was developed by ex-Meta employees.
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