As a young immigrant growing up in Brooklyn, Mo Shaikh often worried about the precarious financial state of his father’s taxi business. Shaikh’s father claimed his son earned $100, yet the reality was puzzling – how could just $60 cover the essentials? As the remainder of the funds were channelled through intermediaries, he began to grasp the limitations of existing monetary systems, prompting a desire to explore innovative solutions and overhaul traditional practices.
After completing his education, Shaikh pursued a degree in finance, economics, and psychology at Hunter College, followed by an MBA from the University of Rochester. After graduating, he transitioned into the professional realm by working at esteemed firms such as BlackRock and Boston Consulting Group, honing his skills in various environments. It wasn’t until his move from Consensys to Meta, where he contributed to their cryptocurrency initiatives, that he discovered the solution to the inefficiencies he’d observed since childhood.
“With a sense of certainty, he declared, ‘This is where I’m meant to be.'”
Founded alongside Avery Ching in 2021.
The tumultuous trajectory of Shaikh and Aptos has been a thrilling ride indeed. Within just three months of departing Meta in December 2021 and establishing his new venture, backed by Andreessen Horowitz’s leadership. Three months later, the figure surged. Despite the tumultuous ride, its clientele comprised the now-defunct FTX.
Throughout this period, the corporation has persisted in its growth while also navigating numerous challenges similar to those faced by other cryptocurrency companies. In April, numerous financial instruments became available, offering a wide range of monetary options.
Aptos and Shaikh are setting their sights on expansion in Asia, seeking to grow their presence in the region.
Aptos has already established partnerships with indigenous allies. The company introduced a new partnership on Friday with Finverity, an innovative funding infrastructure startup that specializes in tokenizing financial assets. Libre, a tripartite collaboration, was launched by Nomura’s digital asset division and Brevan Howard’s fintech and web3 incubator.
Libre introduced a pioneering web3 protocol allowing seamless access for entry-level hedge funds and personal credit scoring initiatives within the Aptos ecosystem. Through this strategic partnership, Aptos customers gain access to a range of on-chain investment options, including the Brevan Howard Master Fund, Hamilton Lane Senior Credit Alternatives, and BlackRock ICS Cash Market Fund.
TechCrunch recently caught up with Shaikh at the Seoul convention to discuss Aptos’ remarkable expansion in Asia, particularly in countries like South Korea, Japan, Singapore, and the Middle East, as well as its strategic partnerships with top Asian web2 companies? The conversation delved into how Aptos leverages blockchain technology to simplify and streamline financial transactions.
“Asia is poised to drive one of the most significant demands for web3.” There exist numerous distinct and varied costing approaches. Numerous monetary establishments possess outdated and complex infrastructures. Having previously resided in Dubai while working at BCG has given me a general understanding of the markets in East Asia, Southeast Asia, and the Middle East. During my tenure at Meta, I was involved in constructing Libra, where one of the primary use cases focused on enabling people to earn money transfers seamlessly and globally. You need to be as clear as possible. Financial institutions require reliable data, regulatory bodies demand transparency, and clients necessitate trustworthy information.
By leveraging a blockchain payment system, you can forego traditional fees of 15% and instead enjoy the full value of your transactions. This innovative approach means that I receive the entirety of what you send me, without any deductions for charges – a significant advantage in today’s financial landscape. Interestingly, this concept has generated considerable excitement in Asia, with many eager to explore its potential.
The components in question have a significant impact on Asia’s economic growth, leading to enhanced efficiency and profitability for both businesses and consumers, according to Shaikh. Companies can strategically reduce costs to redirect resources, while individuals can benefit from reduced fees when transacting globally without additional charges. South Korean telecommunications giant SK Telecom, part of the SK Group, recognizes the importance of developing a cryptocurrency wallet for customers to enjoy more efficient and secure financial transactions, according to Shaikh in an interview with TechCrunch.
Aptos has forged strategic partnerships with leading technology companies such as Google and Amazon, alongside prominent media conglomerates like Disney within the Western hemisphere. In Asia, Aptos has collaborated with prominent companies including Korea’s leading telecom provider, SK Group’s flagship telco firm, as well as major retailer CJ Group.
The rapid development across Asia has been truly phenomenal in its entirety. While there’s one crucial factor at play, I would argue that Asians, in a geographical sense, exhibit a remarkable enthusiasm for embracing innovative knowledge. With a strong presence on mobile devices and an inherent entrepreneurial spirit. They’re forward-thinking, and that’s wonderful. While venturing into web3, they’re willing to tackle challenges with an innovative and unconventional mindset, acknowledging the inherent risks involved. As a result of addressing these various concerns, combined with the individual’s desire to satisfy their hunger, Aptos has created an environment perfectly suited for its users.
Recently, based primarily in Hong Kong.
Shaikh also highlights the effectiveness of blockchain technology in terms of cost savings and rapid processing times. Many individuals debate the nuances of muddy movement. While many proclaim their intentions to tackle innovative projects, few actually demonstrate a thorough understanding of blockchain technology, he noted.
“So there’s a gaming firm. A pioneering gaming company has successfully deployed its innovative sport on our cutting-edge blockchain platform. The transactions in that particular sport are recorded and processed on our Aptos-based blockchain in real-time. When engaging in transactions on a blockchain, specifically one running on Solana, be prepared to pay a fee in SOL tokens. The value associated with Ethereum is significant. Our blockchain is built with exceptional efficiency. The transaction’s minuscule price, a mere 1/1000th of a penny, essentially renders it cost-free, enabling this sport to function remarkably efficiently, according to the CEO. “As a web2 game developer, you’ll have the opportunity to launch on our blockchain and leverage the cost-effective transactions it offers.” Notwithstanding its additional capabilities, this feature allows for accelerated velocity and throughput. As transactions are recorded on a blockchain, each instance of interaction with a particular sport – such as every click – is meticulously documented and verified on the decentralized ledger. A slight lag in reaction time can significantly slow down athletic performance, making every second count.
To ensure the integrity of our real-time transactions, we achieved a sub-second average processing time. This rapid performance allowed us to maintain an uninterrupted gaming experience, as over 500 million transactions were successfully processed within a 24-hour period alone.
According to reports, Solana’s blockchain network has witnessed an astonishing 500 million transactions within a span of mere 24 hours, surpassing even its previous records as one of the most remarkable instances of this innovative technology. At this point in time, Solana can be considered a previous-generation blockchain; its capabilities are likely capped at approximately 50 million transactions, according to Shaikh. We completed 10 iterations of that process, which was utterly absurd. When protocols like Solana experience downtime, these networks come to a grinding halt.
The company presented its proposal to the digital property subcommittee in June. Shaikh noted that Aptos collaborates closely with native governments in Asia, enthusiastically sharing their expertise to educate these stakeholders on their initiatives.
“We’re actively engaging in initiatives that go beyond mere dialogue with governments; we’re collaborating on tangible projects with them.” Governments require an unprecedented level of security; they necessitate a robust blockchain solution that safeguards the personal data and identities of their citizens. We’re truly privileged to engage in discussions with local Asian governments, ultimately empowering them to elevate their models. Governments are getting smarter. They’re enthusiastic about this know-how. The notion that Bitcoin is merely a singular entity belies its fundamental role as a foundation for the future economic system’s underlying technology. We take pride in collaborating effectively with regulatory bodies and governments, ensuring that our options are implemented smoothly.
Japan has successfully showcased its capabilities to international businesses, impressing them with its exceptional performance. “Japan would do well to pay attention to the progress we’re making right here in Korea.” Korean regulatory bodies demonstrate an unbridled enthusiasm for the potential of real-world asset tokenization in actual market applications. We’re extremely enthusiastic about RWAs, viewing them as a highly promising development. In the Middle East, a notable example is Abu Dhabi, where the Abu Dhabi International Markets and Dubai serve as significant economic hubs. Asia’s diverse regions are undergoing rapid transformation, yielding positive outcomes as cutting-edge technology is being developed in these areas and countries; cities like Seoul are proactively positioning themselves at the forefront of innovation. To excel globally, the approach must also be superior for Korea, Japan, Abu Dhabi, and other places like Singapore.
