The Series A funding round brought Aptos Labs’ total capital raised in 2022 to $ 350 million.
Aptos closes a $ 150 million funding round
Meta’s former employees raised $ 150 million in hopes of achieving Diem’s original goals. Aptos Labs announced Monday that it has raised $ 150 million in a Series A funding round led by FTX Ventures and Jump Crypto, bringing total funds raised in 2022 to $ 350 million. Several major venture capital firms, including Andreessen Horowitz, Multicoin Capital and Circle Ventures, also participated in this latest round.
According to a blog post published in February, Aptos aims to be the “more secure and scalable level 1 blockchain“in the world. It is developed and operated by former Meta members who worked on Diem (formerly known as Libra), Meta’s discontinued blockchain-based stablecoin payment system. Aptos hopes to build and improve Diem’s work with the same group of senior scientists and researchers.
“Aptos was created with a focus on absolute security, extensible scalability and credible neutrality: values we know firsthand and understand viscerally.“, We can read in the February post. the article offers little information on how the project will achieve decentralization or address what is known as the “blockchain trilemma“. Commenting on the increase in a press release, Mo Shaikh, co-founder and CEO of Aptos Labs, said Aptos maximizes scalability, security and ease of use. “We have long known that due to issues like outages and downtime, current blockchains are not suitable for mass adoption of Web3“, he has declared.
The cryptocurrency community reacts
Several similar Tier 1 blockchains boast high transaction rates, including Solana, Celo And Polygon have experienced severe network outages over the past year, which required coordination of validators to restart and bring networks back online. Aptos now claims he is building a “Next generation level 1”That it should get around these problems, but the cryptocurrency community isn’t convinced.
what does Aptos do that solana does not do? https://t.co/KAXcSTLzEp
—Vance Spencer (@pitism) July 25, 2022
For example, Framework Ventures co-founder Vance Spencer asked to her Twitter followers what Aptos can do that Solana can’t. Anthony Sassano, Ethereum analyst he answered attacking the venture capital firm Multicoin Capital, involved in the Solana case. “offers Multicoin another chance to discard individuals“. Some leading figures in cryptocurrencies have also expressed concern about the amount raised by the project. Evgeny Gaevoy, founder and CEO of cryptocurrency market-making firm Wintermute, asked how many millions does it take to launch a blockchain shortly after the announcement, which the cryptocurrency trader acknowledged and Only on Cobie, co-host of the podcast, jokes he answered “how many you can get.“
how much you can get
—Cobie (@cobie) July 25, 2022
According to Bloomberg, the latest $ 150 million increase likely doubled Aptos Labs’ March valuation to over $ 1 billion. By comparison, the leading smart contract blockchain, Ethereum, raised closer to $ 18.4 million in 2014.
According to the press release, Aptos will use the fresh capital to support the development of the project and build a blockchain that it would incorporate “the next billion users.“