August 9, 2023 at 16:31 GMTModified date: August 11, 2023 at 16:31 GMT
August 9, 2023 at 16:31 GMT

Aptos price jumps 18% after Microsoft partnership announced

Aptos’s native cryptocurrency spiked 18% after news broke of a partnership with Microsoft.

Aptos price jumps 18% after Microsoft partnership announced

Aptos’s native cryptocurrency spiked 18% after news broke of a partnership with Microsoft.

Blockchain company Aptos Labs announced on 9 August the new partnership was formed to bring Web3 to the masses. 

Aptos, a level-1 blockchain, noted that the onboarding process for Web3 can be complicated and time consuming, acting as barriers for new potential users. “There’s a common perception gap between the utility of blockchain and user skepticism around how simple it is to use,” the press release noted. 

By combining Aptos with Microsoft Azure OpenAI Service, the press release claims it can “accelerate global Web3 adoption”.

Aptos assistant 

Aptos Labs is launching its own assistant programme with Microsoft to achieve their long term visions of Web3 growth. Aptos Assistant is described as “user-friendly” way to bridge the gap between Web2 and Web3. 

“Aptos Assistant will enable users to seamlessly onboard into Web3 by asking any kind of question regarding the Aptos blockchain ecosystem using natural language,” the press release said. 

“It will also be available to guide developers as they build smart contracts and decentralized apps—and direct them toward relevant, accessible resources.”

By utilising Microsoft Azure OpenAI Service, Aptos is merging the world of crypto and AI, two industries facing growing attention.

Mo Shaikh, CEO of Aptos Labs, said: “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.”

He added that accessibility to people and organisations was essential to the partnership’s vision. 

This intersection of the two industries was similarly noted by Rashmi Misra, general manager at Microsoft’s AI and Emerging Technologies department. He said this could see “transformational use cases”.

“By fusing Aptos Labs’ technology with the Microsoft Azure Open AI Service capabilities, we aim to democratize the use of blockchain enabling users to seamlessly onboard to Web3 and innovators to develop new exciting decentralized applications using AI,” Misra added.

Aptos and Microsoft have also revealed that there are cryptocurrency plans underway as well. An agreement has been made to explore “innovative solutions”, including digital token payments and Central Bank Digital Currencies. 

The statement said it would focus on cryptocurrencies that would “further advance the adoption of Web3 from financial services enterprises”.

Meanwhile, validator nodes for the Aptos blockchain will be run on Microsoft Azure, the technology giant’s cloud computing platform. This is said to enhance “the reliability and security of the Aptos blockchain”.

APT price movement 

APT, Aptos’s native cryptocurrency, saw a significant price spike following this announcement. It comes after what has been a difficult few months for the crypto, having fallen below its initial launch price. 

The cryptocurrency went live in October 2022 at $8.54. It was almost immediately plunged into the bear market, sinking to its all-time low of $3.09 on 29 December.

But APT saw major growth at the beginning of January, racing to $19.90. It followed a more optimistic DeFi landscape and as the blockchain’s total value locked increased.

Aptos’ price fell from this high and continued this bearish trend over the coming months. It dropped below its launch price and to a 30-day low of $6.83 on 1 August. 

Following news of the Microsoft partnership on 9 August, APT saw an initial 18% price jump from its close of $6.70 the day before to $7.93,

At the time of writing, Aptos was trading at $7.25. The cryptocurrency was up 8% in the past 24 hours and 5% in the previous seven days.