Aptos Labs collaborates with Microsoft, Brevan Howard and SK Telecom to build out institutional platform Aptos Ascend
Aptos Labs penned fresh partnerships with Microsoft, Brevan Howard, SK Telecom and Boston Consulting Group to develop Aptos Ascend. The institutional platform intends to spread decentralized finance to institutional capital via the Aptos network and globally grow tokenized asset liquidity, among other endeavors.
Aptos Ascend is a digital asset management platform for financial institutions. The product will use Microsoft Azure, a cloud computing platform, as well as Azure OpenAI Service, a large language model that can undergird generative AI applications. Aptos Ascend will also employ Brevan Howard's market investment expertise to guide financial institutions offering digital currency and asset management services to clients, as well as SK Telecom's web3 technology such as wallet-as-a-service functionalities, according to a release shared with The Block.
Aptos Labs also tapped Boston Consulting Group, a firm amassing $12.3 billion in global revenue in 2023, as its consulting partner. The institutional platform intends to spread decentralized finance to institutional capital via the Aptos network and globally augment tokenized asset liquidity among other endeavors, the release continues.
“Global institutions require superior levels of compliance, security, trust, and innovation to service customers, operate across borders, and adhere to regulations at every level,” said Aptos Labs co-founder and CEO Mo Shaikh in a statement. “In collaboration with SK Telecom, Brevan Howard and Microsoft, Aptos Ascend will provide the world’s financial institutions, banks and tech-forward money markets with a performant, compliant, secure and scalable gateway to decentralized finance on Aptos that will evolve for years to come."
Aptos Labs also collaborated with Microsoft in August 2023 with the intent to further develop digital payments, tokenization and the intersection of AI and web3.
Aptos Labs founders
Headquartered in Palo Alto, Calif., Aptos Labs's co-founder and Chief Technology Officer Avery Ching served as a principal software engineer for Meta Novi, a digital wallet platform that has since shut down . Shaikh also worked for Novi's strategic partnerships at Meta, according to his LinkedIn profile.
The firm's native token APT traded hands at $9.19 at 5 p.m. ET on April 17 after seeing a 1.14% 24-hour increase, according to The Block's price page for APT . It's the 26th highest-ranked cryptocurrency with a market capitalization of $3.9 billion.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Gold prices rebound, but expectations of Fed rate hikes remain upward resistance
Is the "buffer" for US stocks about to disappear?
While Increasing AI Investment and Striving to Control Costs, Oracle (ORCL.US) Adds Another $700 Million in Restructuring Costs for Fiscal Year 2026
Oracle stated in a regulatory filing submitted on Friday that as part of its restructuring plan, which includes layoffs, its costs will increase by approximately $700 million.
Oil prices are Trump’s “big trouble,” while the yen is everyone’s problem
Oil prices are approaching $110 per barrel, with only seven and a half weeks left before the midterm elections, and the probability of the Democratic Party regaining the Senate has surpassed 50%. Political and economic pressures are forcing the White House to seek relief. Meanwhile, the structural appreciation of the yen poses an even deeper global risk—the correction in the U.S.-Japan interest rate differential, large-scale Japanese capital repatriation, and the forced unwinding of carry trades are all likely to simultaneously push up European and American bond yields and awaken the VIX. A cross-asset volatility storm may already be brewing.
Crypto prices
More
