Meta Platforms Inc (formerly “Facebook Inc”) had a turbulent time when it announced that it was working on launching its own cryptocurrency. As a result, the project was abandoned. However, the employees of the company do not refuse to step into the web3. Some have actually teamed up to develop Aptos, the first layer blockchain, just like Solana and Ethereum. With the recent close of another Series A round for investors. And the least we can say is that the project seems to have a promising future!
The Aptos project is run by former employees (employees, talent, engineers, or managers) of Meta Platforms, the parent company of Facebook. In particular, these are those who worked on the deployment of the Diem (formerly Libra) blockchain and the Novi wallet. This is a blockchain-based stablecoin payment system project initiated by Facebook in 2019. But given the criticism it received, the band officially dropped the project in January 2022.
What is the connection? Aptos Labs has just announced that they want to revive the Diem project on which their work is based. Indeed, its goal is to create “the most secure and production-ready blockchain in the world.” With developers looking to make improvements, followed by the same team of researchers and engineers. As for other project participants, some of them are at the origin of major innovations such as DiemBFTv4, Narwhal & Tusk, BullShark or Block-STM. Therefore, at the moment and on paper there is something to linger on.
And that is not all. Because startup Aptos Labs, which just raised $150 million, didn’t make it on the first try. In total, it has a capital of $350 million (collected in 2022). Thus, the value of the company exceeds 2 billion dollars.
Aptos is a new first-level blockchain
It’s true that many Tier 1s don’t always match their scalability, speed, and security. And it is for this reason that the Aptos project was born. Because the latter should erase the shortcomings of current blockchains. And the startup claims that there will be lower transaction fees, but also that it will be decentralized and fast. In addition, it must use its own Move programming language.
“We have known for a long time that problems such as failures and downtime make current blockchains unsuitable for mass adoption of Web3. That’s why we’re building a blockchain that will become the trusted foundation of Web3 and allow users around the world to experience the benefits of decentralization. »
Mo Sheikh, co-founder and CEO of Aptos.
In a statement released yesterday, Aptos Labs thanks the community for their support over the past few months. The period during which the network of developers worked, allowing the blockchain to reach 20,000 working nodes.
Who are the investors of the Aptos project?
As mentioned, the project seems to have a promising future. Look at the investors who took part in the roundtable. Among them are big names in the crypto ecosystem. Led by FTX Ventures (the venture arm of FTX) and Jump Crypto. As well as 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. Which is in addition to the 200 million raised four months ago. And finally, the future Aptos blockchain may well find its place in the ecosystem, provided that it really lives up to its goals. For now, the team is focusing on scalability, ease of use, and security. This is to offer the public a real innovation.