The blockchain launched by a Meta employee raises $ 150 million

Meta Platforms Inc (formerly “Facebook Inc”) went through a turbulent time when it announced it was working on launching its own cryptocurrency. Eventually, the project was abandoned. However, the company’s employees do not give up on setting foot on web3. Some have actually teamed up to develop Aptos, a layer 1 blockchain, just like Solana and Ethereum. With the recent closure of yet another round Serie A for investors. And the least we can say is that the project seems to have a promising future!

The project Aptos is run by former employees (employees, talents, engineers or managers) of Meta Platforms, the parent company of Facebook. More specifically, these are those who worked on the deployment of the Diem (formerly Libra) blockchain and the Novi wallet. This refers to the payment system design stable currency based on the blockchain and started by Facebook in 2019. But, given the criticism received, the group officially abandoned this project in January 2022.

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What’s the connection? Aptos Labs has just announced its intention to relaunch the Diem project, on which its work is based. Indeed, its goal is to create a “most secure and production-ready blockchain in the world”. With developers whose ambition is to make improvements, followed by the same team of researchers and engineers. As for the other members of the project, some are at the origin of important innovations such as DiemBFTv4, Narwhal & Tusk, BullShark or Block-STM. For the moment and on paper there is therefore something to dwell on.

And that’s not all. Because start-up Aptos Labs, which just raised $ 150 million, isn’t on its first try. In total it has a capital of 350 million dollars (raised in 2022). This brings the company’s valuation to over $ 2 billion.

Aptos – New level 1 blockchain

It is true that many layers 1 they don’t always meet their scalability goals, of speed and safety. And it is precisely for this reason that the Aptos project was born. Why the latter should erase the imperfections of current blockchains. And the start-up claims that the transaction costs will be reduced, but also decentralized and fast. Also, it should use its own programming language, Move.

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“We have long known that due to issues such as outages and downtime, current blockchains are not suitable for mass adoption of Web3. This is why we are building a blockchain that will be the reliable foundation of Web3 and that will allow users to all over the world to experience the benefits of decentralization. “

Mo Shaikh, co-founder and CEO of Aptos.

In a statement released yesterday, Aptos Labs thanks the community for the support provided in recent months. A period during which the devnet which allowed the blockchain to reach 20,000 operational nodes.

Who are the investors of the Aptos project?

As mentioned, the project appears to have a promising future. Investors who attended the round table testify. Among them are big names in the crypto ecosystem. Led by FTX Ventures (FTX’s risk arm) and Jump Crypto. But also well-known companies such as Circle Ventures which manages the USDC stablecoin, Multicoin Capital, Franklin Templeton, Griffin, Gaming Partners, the Binance platform or even Andreessen Horowitz.

In total, this operation raised $ 150 million. In addition to the 200 million collected four months ago. And in conclusion, the future Aptos blockchain could very well find its place in the ecosystem, as long as it truly meets the goals it has set itself. Currently, the team focuses on scalability, ease of use and security. This is to offer the public a real innovation.

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