Why Aptos CEO Mo Shaikh Is Betting Big on Asia’s Web3

During Korea Blockchain Week 2024 in Seoul, Aptos co-founder and CEO Mo Shaikh revealed the layer-1 blockchain’s aggressive expansion plans across Asia and the Middle East to bypass legacy financial systems and tap into massive regional web3 demand.

From Brooklyn Roots to a Billion-Dollar Web3 Powerhouse

Shaikh’s journey into the financial sector began with a childhood observation in Brooklyn. As the son of an immigrant taxi driver, he frequently questioned why his father only brought home $60 out of the $100 he earned. Discovering that the remaining $40 was lost to intermediaries sparked a lifelong quest to fix systemic financial inefficiencies. After studying finance, economics, and psychology at Hunter College and earning an MBA from the University of Rochester, Shaikh built his career at institutional giants like BlackRock and Boston Consulting Group (BCG). However, it was his subsequent roles at blockchain pioneer Consensys and Meta’s cryptocurrency division that cemented his belief in decentralized technology as the ultimate solution to global financial friction.

“I knew this was the place that I wanted to be,” Shaikh recalled.

In 2021, Shaikh teamed up with Avery Ching to co-found Aptos. The startup experienced a meteoric rise, raising $200 million at a valuation exceeding $1 billion in a round led by Andreessen Horowitz just three months after launching. Despite facing market turbulence—including exposure to the collapsed exchange FTX—Aptos secured another $150 million shortly after. The company has since focused on steady growth, recently launching Aptos Ascend, a comprehensive suite of institutional financial features designed to elevate open finance.

Why Aptos Is Targeting the Asian and Middle Eastern Markets

Aptos is now heavily prioritizing expansion across East Asia, Southeast Asia, and the Middle East. To fuel this push, the company has integrated with key regional players. This includes a major partnership with Libre, an asset tokenization infrastructure joint venture created by Laser Digital (the digital asset arm of Japanese banking giant Nomura) and WebN Group (backed by Brevan Howard).

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Through this collaboration, Libre has deployed a web3 protocol on the Aptos Network, granting eligible users on-chain access to premier funds. These include the Brevan Howard Master Fund, Hamilton Lane Senior Credit Opportunities, and the BlackRock ICS Money Market Fund.

According to Shaikh, Asia’s fragmented payment systems and legacy banking infrastructures make it a prime candidate for blockchain disruption. “Asia probably has one of the biggest needs for web3,” Shaikh explained. Having previously lived in Dubai during his tenure at BCG, he observed how eager financial institutions, regulators, and consumers are for transparent, seamless global transaction models. By eliminating intermediary fees, blockchain systems allow users to retain 100% of their transferred capital, driving massive economic efficiency.

Unlocking the Tech-Forward Mindset of Asian Enterprises

Aptos has already secured high-profile alliances with Western tech giants like Microsoft and Google Cloud, alongside media leaders like NBCUniversal. In Asia, the momentum is equally strong. The company has partnered with South Korean telecom pioneer SKT to build user-friendly crypto wallets, retail giant Lotte, and the web3 subsidiary of Japanese investment bank Nomura. Recently, Aptos also finalized several investments in Hong Kong-based startups.

Shaikh attributes this rapid adoption to the unique entrepreneurial spirit in Asia. He noted that Asian users are highly mobile-centric, forward-thinking, and exceptionally willing to experiment with emerging technologies, creating the ideal environment for Aptos’ high-performance network.

Crushing the Competition: Speed, Scale, and Cost Efficiency

Aptos distinguishes itself from older layer-1 networks through its superior speed and low transaction costs. To illustrate this, Shaikh pointed to a web3 game built on Aptos that logs every single in-game interaction on-chain. Unlike Ethereum or Solana, where transaction fees can accumulate quickly, the cost per transaction on Aptos is just a thousandth of a penny, making it virtually free for developers and players.

Furthermore, the network boasts sub-second finality, eliminating latency issues that typically disrupt gaming experiences. During a peak 24-hour window, the Aptos network successfully processed 500 million transactions without downtime. In comparison, Shaikh pointed out that Solana—which he categorizes as a previous-generation blockchain—has maxed out at 50 million transactions and frequently suffers from network outages under heavy load.

Navigating Web3 Regulation: Working Hand-in-Hand with Governments

Regulatory compliance remains a core focus for Aptos. In June, the Commodity Futures Trading Commission (CFTC) appointed Shaikh to its digital assets subcommittee. Rather than avoiding regulators, Shaikh emphasizes that Aptos actively collaborates with governments to build secure, compliant frameworks that protect citizens while fostering innovation.

According to Shaikh, Asian regulators are becoming increasingly sophisticated. Japan has established clear guidelines for blockchain operations, while South Korean regulators are showing strong interest in real-world asset (RWA) tokenization—a sector Aptos is highly optimistic about. Similarly, progressive regulatory environments in Abu Dhabi, Dubai, and Singapore are allowing these cities to remain ahead of the global economic curve, paving the way for the next generation of financial technology.