Aptos token climbs 11.6 percent following Microsofts deal to combine AI and blockchain
August 10, 2023 6:44 AM
APT surged 17.6% in the initial 50 minutes before settling at $7.51, still 11.6% higher than pre-announcement prices.
Since making the announcement that it will make use of Microsoft's suite of artificial intelligence capabilities to accelerate the adoption of Web3 among banks and financial companies, Aptos, the coin-driving layer-1 blockchain Aptos Network, has increased in value by about 11.6%.
This will be accomplished by allowing the Aptos Network to use Microsoft's Azure OpenAI service to investigate advances in asset tokenization, on-chain payments, and central bank digital currencies, according to an Aug. 9 statement→ from Aptos.
Mo Shaikh, CEO of Aptos Labs and a former employee of Meta and BlackRock, recently expressed optimism about AI-powered blockchain solutions.
"AI, as well as blockchain technology, are rapidly merging for one crucial reason: they both represent generational innovations that have a significant influence on the development of the internet as a whole and impact society."
Aptos Assistant, a ChatGPT-powered chatbot, will be one of the new tools, aiming to help consumers migrate from Web2 to Web3 by providing virtual guidance with the onboarding procedure.
According to Aptos Labs, Microsoft will increase the safety of the Aptos Network by letting the company host validator nodes on Azure.
According to CoinGecko→, the news, which was announced→ at 12:30 p.m. UTC on Aug. 9, quickly pushed APT up 17.6% to $7.92 inside 50 minutes prior to when the price of the token calmed at $7.47 at the time of writing.
Following the announcement, APT gained over 18%. Source: CoinGecko.
CoinGecko reports that despite today's price increase, Aptos tokens are still trading at a 62.9% discount from their all-time high of $19.92 on January 26.
On October 17th, following four years of preparation, the Aptos Network went live. Aptos was formed by former Meta workers Mo Shaikh and Avery Ching, who were also involved in Meta's unsuccessful Diem project.
It has raised a total of $350 million from investors like Andreessen Horowitz, Coinbase Ventures, and FTX Ventures, with the first $150 million coming in July 2022 and the second $200 million in March 2022.