Aptos is Introducing a Cryptocurrency Wallet in Korea

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Last Updated on November 7, 2023 by Bitfinsider

Leading South Korean telecom provider SK Telecom has teamed up with blockchain startup Aptos (APT) and Atomrigs Lab to develop a cryptocurrency wallet service.

SK Telecom made it clear that their partnership with Aptos will be their first non-Ethereum [ETH] blockchain integration for virtual machines. The purpose of the wallet product is to give users access to a mobile blockchain application for token storage.

Earlier this year, Aptos became connected to a humorous joke throughout the nation. The native Aptos token, known as APT, was dubbed “apartment” by Koreans. In the hopes that it would rise to a point where they could afford to buy an apartment, they had been purchasing and holding onto APT.

APT had an amazing chart performance thanks to the story. As a result, in February, its market value increased from $500 million to $2.5 billion.

A bogus coin that looked like APT appeared on Upbit, a well-known Korean cryptocurrency exchange, in September. Upbit had a problem that allowed it to accept bogus tokens without properly verifying the underlying source code.

Because of this, the exchange stopped accepting deposits and withdrawals for a while before starting up again. Surprisingly, though, it caused trade volumes on decentralized exchanges on Aptos to surge by 678%.

Last month, the blockchain analytics company Messari released a report that described Aptos’ situation in the third quarter of 2023. Notably, QoQ growth was 207%, 329%, and 410% for new addresses, active addresses, and average daily transactions, respectively. Steady DeFi growth was the main driver of the increase in network usage.

In only one quarter, its revenue increased from $147,100 to $268,000. Its market capitalization in circulation decreased from $1.5 billion to $1.28 billion, nonetheless.

Although Aptos experienced a lot of user interaction during Q3, it is evident that the crypto winter hindered the platform’s growth.

In the middle of the current bull run, the token’s price saw an astounding 38% increase in just one month. By press time, it was trading at $7.58.

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