Mo Shaikh, a young immigrant in Brooklyn, was always curious about financial systems and their inefficiencies. He observed his father’s taxi earnings and noticed the significant gap between what his father made and what actually made it home. This sparked his interest in finance and led him to study finance, economics, and psychology at Hunter College.
After completing his studies, Shaikh gained professional experience at reputable firms like BlackRock and Boston Consulting Group. However, it wasn’t until he joined blockchain startup Consensys and later Meta to work on cryptocurrency initiatives that he realized the potential for change and innovation in the financial industry.
With this newfound passion, Shaikh co-founded Aptos in 2021. The startup quickly gained attention and raised $200 million in funding within three months of its inception, with a valuation exceeding $1 billion. Despite facing challenges, including having investors like FTX, Aptos continued to grow and expand its offerings.
In April, Aptos launched Aptos Ascend, a comprehensive suite of financial features. The company also began exploring opportunities in Asia, forming strategic partnerships with local companies such as Libre, a joint venture between Japanese bank Nomura and Brevan Howard’s WebN Group.
Shaikh believes that Asia is a fertile ground for web3 adoption due to its diverse and fragmented payment systems and an abundance of legacy infrastructure. Aptos aims to address these inefficiencies by leveraging blockchain technology to enable seamless and cost-effective financial transactions.
One key advantage of blockchain technology, according to Shaikh, is the elimination of fees typically associated with traditional payment systems. By using blockchain-based payment systems, users can avoid hefty transaction fees and ensure that the full amount of money sent reaches its intended recipient. This has significant implications for economic growth and efficiency in Asia, as businesses can reallocate funds and individuals can send money globally without incurring high fees.
Aptos has also forged partnerships with tech giants such as Microsoft and Google, as well as media conglomerates like NBC Universal. In Asia, the company has collaborated with SKT, a major telecommunications company in South Korea, Korean retail giant Lotte, and Nomura’s web3 subsidiary in Japan. These partnerships, coupled with the region’s entrepreneurial spirit and willingness to adopt new technologies, make Asia an ideal market for Aptos.
While cost and speed are often touted as blockchain’s strengths, Shaikh believes that Aptos showcases the true power of blockchains. He cites an example of a gaming company that launched a game on Aptos’ blockchain, with each transaction costing a fraction of a penny. The game experienced uninterrupted gameplay, with transactions exceeding 500 million in a 24-hour window.
Shaikh emphasizes that Aptos is not just focused on technology but also on building relationships with local governments and regulators in Asia. The company aims to educate and collaborate with governments to ensure a safe and secure blockchain environment that benefits citizens and drives economic growth. He applauds Japan’s efforts in embracing blockchain technology and sees promising developments in countries like Korea and the Middle East.
In conclusion, Mo Shaikh’s journey from observing his father’s taxi earnings to co-founding Aptos reflects his passion for revolutionizing financial systems. Aptos’ rapid rise and strategic partnerships demonstrate the potential for blockchain technology to solve longstanding inefficiencies in Asia and beyond. With its focus on cost-effectiveness, speed, and collaboration with governments, Aptos is well-positioned to drive the adoption of web3 solutions and shape the future of finance in the region.
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