Aptos Labs Partners with Microsoft to Bring DeFi to Institutions
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Aptos Labs has partnered with Microsoft to create DeFi products for institutions
The collaboration will see the popularization of on-chain solutions that enhance privacy and adherence to regulations
Some Microsoft products like Azure OpenAI Service will also be used
The makers of layer 1 blockchain Aptos, Aptos Labs, and technology giant Microsoft have collaborated on a mission to bring conventional institutions to the DeFi space. The partnership will see the popularization of on-chain tools to help institutions entering the decentralized finance world to stay within regulations and conduct superior KYC checks among other things. The collaboration will also involve the use of Microsoft’s products like Azure OpenAI Service to further ease the onboarding process for institutions, something that’s likely to boost the adoption of DeFi and the total value locked in Aptos blockchain.
A Tremendous Opportunity
The partnership will also involve Brevan Howard and South Korean telecom giant SK Telecom and other players to popularize Aptos Labs’s suite of financial products, Aptos Ascend, among institutions. The cooperation will see the development of a private network to enhance transaction privacy.
According to Microsoft’s Adrian Crockett, there’s a “tremendous opportunity at the intersection of AI” and blockchain technology. Aptos Labs CEO Mo Shaikh noted that Aptos Ascend addresses unique institutional requirements like enhanced “compliance [and] security.”
Shaikh disclosed that they intend to introduce banks and other financial institutions to decentralized finance. Apart from bringing DeFi to institutions, the partnership also targets to “further explore financial services solutions.”
Microsoft Joins Deloitte to Create Canton Network
The collaboration isn’t the first between Aptos Labs and Microsoft. In August last year, the two announced a partnership to create AI-based blockchain tools that, in part, would help the blockchain developer create an Aptos-specific chatbot.
Microsoft has been increasing its presence in the blockchain world through partnerships. The tech giant, for example, joined Deloitte and Moody’s to champion the creation of Canton Network which focuses on easing the interaction of financial firms with blockchain technology. Microsoft has also made a stride in the metaverse and web3 wallet sectors.
With the partnership involving conventional giants, it’s to be seen whether it’ll help boost DeFi activities on the Aptos blockchain.
The post Aptos Labs Partners with Microsoft to Bring DeFi to Institutions appeared first on FullyCrypto.
Filed under: Bitcoin - @ April 20, 2024 6:26 am