Aptos Labs’ Collaboration With Microsoft Sends APT Soaring By 17%
August 09 2023 - 12:17PM
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Aptos Labs and Microsoft have announced a strategic partnership to
showcase the convergence of artificial intelligence (A.I.) and
blockchain technologies. Aptos Labs, a leading blockchain
developer, and Microsoft, a key backer of A.I. advancements through
OpenAI, are joining forces to create the innovative Aptos
Assistant, a ChatGPT-powered chatbot designed to provide users and
developers with comprehensive information and analysis of the Aptos
ecosystem. Aptos Labs And Microsoft Forge Alliances For Blockchain
Development According to a report by Yahoo Finance, unlike previous
endeavors in the crypto-related A.I. space, which primarily
revolved around licensing OpenAI’s ChatGPT, Aptos Labs’
collaboration with Microsoft ventures beyond boundaries. The
partnership encompasses various facets, with Aptos Labs hosting
validator nodes on Microsoft’s Azure cloud computing platform,
integrating its programming language, Move, into Microsoft’s
popular coding platform, GitHub Copilot, and exploring
opportunities to connect with major financial institutions seeking
to build blockchain-powered applications on Azure. Related Reading:
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Caution Rashmi Misra, General Manager of A.I. and Emerging
Technologies at Microsoft, expressed excitement about the fusion of
A.I. and blockchain, stating: The intersection of A.I. and
blockchain is among the most interesting combinations of emerging
technologies. By fusing Aptos Labs’ technology with the Microsoft
Azure OpenAI Service capabilities, we aim to democratize the use of
blockchain. Aptos Labs has already secured substantial funding of
$400 million from investors, according to Crunchbase, highlighting
the confidence in their technological prowess. The collaboration
with Microsoft further solidifies its position as a formidable
player in the blockchain space. While A.I. startups have dominated
funding in 2023, raising nearly $25 billion, compared to around
$3.6 billion for crypto ventures, Mo Shaikh, Co-founder and CEO of
Aptos Labs, believes that A.I. and blockchain are not mutually
exclusive. Shaikh emphasizes the importance of blockchain’s
ability to provide verified and accurate information, minimizing
the risk of A.I. models generating false statements or
hallucinations. The practical implications of this collaboration
are still unfolding. Still, Shaikh underscores elements such as the
A.I. assistant and integration into Github Copilot to represent a
larger vision of deep integration and co-development between Aptos
Labs and Microsoft. APT Rebounds As Collaboration With
Microsoft Reignites Investor Interest APT, the native token of the
Aptos blockchain, experienced a significant surge of over 17%
following the announcement of its partnership with Microsoft.
This surge marked a crucial turning point after a prolonged
downtrend that persisted since the beginning of February. Notably,
APT had reached an all-time high of $20 before succumbing to the
downward trend. The decline in APT’s price can be attributed to an
unlock event on February 12th, where Aptos released 4.5 million APT
tokens. The unlock event, involving the release of a
significant number of tokens, resulted in increased selling
pressure, leading to a continuous decline in APT’s price.
Related Reading: Bitcoin Open Interest Hits Peak Since FTX Crash:
What It Means However, the recent partnership announcement with
Microsoft has injected new life into the token’s value, reigniting
investor interest and resulting in a remarkable price surge.
Despite experiencing some retracement, APT still holds a 10% profit
since the disclosure of the partnership with Microsoft. It is
currently trading at $7.3340, representing a 63% decrease from its
all-time high reached in January 2023. Overall, investors have
responded positively to this news, recognizing the potential of the
Aptos-Microsoft partnership to drive innovation and expand the
reach of the Aptos blockchain. The substantial surge in APT’s price
reflects growing confidence in the project’s prospects and
underscores the significance of this collaboration. Featured image
from iStock, chart from TradingView.com
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