Aptos Labs has recently established new partnerships with Microsoft, Brevan Howard, SK Telecom, and Boston Consulting Group for the development project of Aptos Ascend.
This institutional platform aims to promote the spread of decentralized finance among institutional investors through the Aptos network, as well as increase the global liquidity of tokenized assets, among other objectives.
Let’s see all the details below.
Summary
Aptos Labs, Microsoft, Brevan Howard and SK Telecom: Pioneers of Tokenized Asset Liquidity
As anticipated, Aptos Labs, developer of blockchain infrastructures, has partnered with major technology and financial companies for the creation of its key project, Aptos Ascend.
Aptos Ascend represents a digital wealth management platform designed for financial institutions. This product will leverage Microsoft Azure, a renowned cloud computing platform, along with the Azure OpenAI service.
This is based on a large linguistic model capable of supporting generative artificial intelligence applications.
Furthermore, Aptos Ascend will leverage the investment expertise of Brevan Howard to guide financial institutions in offering digital currency services and wealth management to their clients.
The wallet-as-a-service functionalities will be powered by SK Telecom’s web3 technology, as reported by The Block.
Aptos Labs has also designated Boston Consulting Group as a consulting partner, a company that in 2023 recorded global revenues of 12.3 billion dollars.
The main goal of this institutional platform is to spread decentralized finance to institutional capital through the Aptos network and increase the global liquidity of tokenized assets, as stated in the press release.
Some statements regarding the new partnerships
Mo Shaikh, co-founder and CEO of Aptos Labs, stated the following:
“Global institutions require higher levels of compliance, security, trust, and innovation to serve customers, operate across borders, and adhere to regulations at all levels.”
In collaboration with SK Telecom, Brevan Howard, and Microsoft, Aptos Ascend aims to provide financial institutions, banks, and money markets around the world with a different gateway.
In particular performant, compliant, secure, and scalable, for decentralized finance on Aptos, capable of evolving over time.
Aptos Labs had previously collaborated with Microsoft in August 2023 for the development of digital payments, tokenization, and the intersection between AI and web3.
Based in Palo Alto, California, the co-founder and Chief Technology Officer of Aptos Labs, Avery Ching, has served as the principal software engineer for Meta Novi, a closed digital wallet platform that was later shut down.
Shaikh, in the past, worked for strategic partnerships at Novi at Meta, as indicated in his LinkedIn profile.
Brief focus on the price of Aptos
The value of Aptos is currently around $9.83, showing an increase of 6.11% in the last 24 hours.
The cryptocurrency has shown a higher performance compared to the general cryptocurrency market, which has recorded an overall increase of 7.04% in the same period.
Furthermore, APT has shown a solid performance compared to BTC, recording an increase of 3.48% compared to the world’s largest cryptocurrency.
According to some price projections for Aptos, it is expected that APT may reach the threshold of $12.73 by April 20, 2024, corresponding to an increase of 30.28% in the coming days.
However, it is important to note that Aptos has recently shown a negative trend, with a loss of -35.79% in the last month. On the other hand, the medium-term trend for Aptos has been bullish, with APT increasing by 3.68% in the last 3 months.
However, in the long term, the outlook for Aptos has been negative, with a price change of -1% over the course of a year. For comparison, on the same day of the previous year, APT was trading at $12.44.
The all-time high for Aptos was reached on January 30, 2023, when the price of APT hit a peak of $19.86. Currently, the cycle high for APT is $19.28, while the cycle low is $4.73.
It is worth noting that Aptos has shown significant recent volatility, with a 1-month volatility of 15.16%. In the last 30 days, Aptos has experienced 15 days where the price has increased.
