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July 25, 2022

Ex Meta workers secure $150M for quicker blockchain

Acquired $150 million in investment to create cutting-edge solutions to enhance blockchain and web3 experience for developers, Aptos Labs said Monday.

An exodus of former Meta workers formed the San Francisco-based business last year after the company’s crypto project was shut down owing to increased regulatory scrutiny.

Jump Crypto and FTX Ventures, the investment arm of Sam Bankman-derivatives Fried’s crypto exchange FTX, spearheaded the fresh fundraising, according to the official statement.

Andreessen Horowitz (a16z), Multicoin Capital, and Circle Ventures also participated in the round of financing.

An opportunity to construct dependable blockchain and web3 innovations that boost web3 ecosystem usability and socializing have been presented by Aptos with the additional investment.

To meet customer demands for more efficient and upgradable blockchain technology, the company is working with its key partners to identify those requirements.

As a result, this is the company’s second seed fundraising round of 2017. At the end of March, Aptos secured $200 million in funding from investors in the IT sector and elevated the company’s value to more than $1 billion.

Diem, a now-defunct Meta crypto startup, used the same programming language, termed “Move,” to power their speedier and cheaper blockchain technology.

For some time now, we’ve been aware of the fact that existing blockchains are not suitable for widespread web3 adoption because of concerns like as outages and downtime. According to Aptos Labs co-founder Mohammed Shaikh, “we’re constructing a blockchain to be the trustworthy basis for web3 that invites in people from all over the globe to enjoy the advantages of decentralization.

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And in the midst of the bear market, Aptos isn’t the only corporation looking to raise capital; Series B fundraising of $17 million from both current and new investors was announced by South Korean crypto disclosure startup Xangle back in May, according to Coinposters. The firm said that it will be utilized to boost its position in the industry by improving goods and services.