Binance is ramping up its weight on an altcoin project founded by former Meta employees. One of the goals of the strategic investment is to bring a new L1 Blockchain to the market.
Binance Labs multiplies its investors in this altcoin project
Binance Labs, the venture capital arm of the world’s largest cryptocurrency exchange, is increasing its investment in Aptos Labs, a blockchain startup founded by Meta’s former employees. According to Binance co-founder and head of Binance Labs, Yi He, Binance Labs has chosen to increase its investment in Aptos, in part because of the programming language the company uses to create Blockchain.
We're excited to strengthen our partnership with @aptoslabs — a layer-1 blockchain designed to be upgradeable & evolve to support novel Web3 use cases.
This follow-on investment with Aptos represents #Binance Labs’ commitment to infrastructure building!https://t.co/GyAoPq8Fwd
— Binance Labs Fund (@BinanceLabs) September 15, 2022
Altcoin project Aptos, which continues to raise funds from Binance, has not commented on the new fund at this time. As you follow on Kriptokoin.com, Binance announced its first investment in Aptos Labs in March. The Palo Alto, California-based company recently raised $200 million. It is currently worth over $1 billion after receiving contributions from investors such as Andreessen Horowitz, Multicoin Capital, and cryptocurrency hedge fund. However, Aptos doubled its valuation in July, raising another $150 million.
According to Binance Labs’ He, Aptos Labs’ market cap is estimated at more than $4 billion. Commissioned by former Facebook employees, Aptos is building a layer 1 blockchain using pieces of technology built for Facebook’s defunct Diem stablecoin project. It is approaching an expected mainnet launch later this year.
About Aptos Blockchain
Aptos is the proposed layer one Blockchain using the Move programming language. The cryptocurrency promises users greater scalability, reliability, security and usability. The project is still in the very early stages of planning. However, planned features include a parallel execution engine and low transaction costs.
Who is Aptos labs?
Aptos Labs is the team behind the Aptos project. Currently, developers led by co-founders Mo Shaikh and Avery Ching lead the team. Meanwhile, Ching was one of the principal software engineers at Meta. He has led many exciting and innovative development projects in the past. When Meta chose to stop the Diem project, Shaikh and Ching got together to form Aptos Labs.
Aptos Labs’ motto is “Build Tier 1 for Everyone”. The company is committed to creating the safest, most reliable network possible. Although they have only been around for a short time, their mission has already gained a lot of support. Aptos Labs managed to raise over $350 million in two funding rounds. Later, the developer launched the testnet and successfully managed millions of transactions and thousands of nodes.
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