For want of a bull market, funding is coming in one after another in the crypto ecosystem. This Monday, Aptos Labs closed a $150 million fundraising round after several rounds of technical testing.
The Series A funding was led by FTX Ventures (the venture capital arm of FTX) and Jump Crypto, and supported by crypto industry giants such as Apollo, Griffin Gaming Partners, Franklin Templeton, Circle Ventures, Superscrypt, the a16z fund and Multicoin Capital.
Aptos Labs – A blockchain that wants to become THE trusted foundation of the Web3 ecosystem
In concrete terms, Aptos Labs is a layer 1 blockchain that promises scalability of more than 100,000 transactions per second. Furthermore, Aptos is based on the “Move” programming language of Mark Zuckerberg’s failed Diem project. According to them, this would make “transactions cheaper and more efficient”.
“We have known for some time that due to issues such as outages and downtime, current blockchains are not suitable for the mass adoption of Web3” […] “That’s why we are building a blockchain to be the reliable foundation for Web3 that allows users around the world to enjoy the benefits of decentralisation.”
Aptos is now coming out of a long test phase of almost 7 months where its technology has been put to the test. During this period, Aptos organised numerous hackathons, reached 20,000 operational nodes, and launched several incentive tests.
According to the statement, the new capital will be used to support the long-term development of blockchain and its applications, including the recruitment of new staff:
“We look forward to continuing to build our team, providing a secure, scalable and reliable foundation for Web3 and creating a high-performance, scalable blockchain that powers our rapidly evolving ecosystem.” – According to the Aptos statement
In fact, this round of funding comes a few months after an initial $200 million funding in March 2022, bringing the valuation of this round to $350 million. It would seem that the initial results brought by Aptos have convinced many crypto companies to pull out their wallets to support the new blockchain in its decentralised adventure.