- Binance Labs today announced a follow-on investment in Aptos Labs.
- The funding amount is undisclosed.
- Aptos will use the funds raised to expand the team and support the development of its layer-1 infrastructure.
Web3 infrastructure company Aptos Labs received an undisclosed amount in strategic investment from Binance Labs, bringing its valuation to $4 billion, according to a Bloomberg report.
Aptos closed $200 million in its first round of funding which was announced in March this year. In July, the company raised another $150 million in a funding round led by FTX Ventures and Jump Crypto, with participation from Binance Labs. The July round valued the company at $2 billion. With the new funding from Binance, Aptos quadrupled its valuation in six months, Crunchbase stated
Binance noted that the Aptos blockchain uses the Move language for faster transaction execution, and supports flexible key management for a safer user experience.
Aptos will use the funds raised to expand the team and support the development of its layer-1 infrastructure. The team will also build out ecosystem initiatives and tooling to further grow the Aptos community.
“We’re excited to be working closely with the Aptos team. At Binance, we’ve always believed in the power of blockchain technology to benefit the masses, just like the Internet. However, infrastructure building remains a bottleneck within the industry. We believe that the technological competitiveness of the Aptos team could bring increased scalability to the blockchain infrastructure while also supporting novel use cases for Web3,” said Yi He, co-founder of Binance and Head of Binance Labs.
Founded by former Meta employees, Aptos has been developing its blockchain over the past three years with more than 350 developers deployed globally. Its blockchain is designed to be upgradeable and will continuously evolve to support current and emerging Web3 use cases.
“Aptos is inherently designed to address today’s key challenges around mainstream Web3 adoption. Our goal is to deliver the most performant, production-ready blockchain through a flexible, modular architecture designed for people-first usability and engineered to upgrade and evolve. The continued strategic support of the Binance Labs team helps us further empower our ecosystem to create next-generation applications that solve existing consumer challenges, and the challenges still to come,” said Mo Shaikh, CEO of Aptos.
Other former Meta executives have also founded a Web3 infrastructure company that has attracted big investments from well known VCs. Last week, Mysten Labs raised $300 million to build out its core infrastructure to power Web3 applications and scale its Sui ecosystem.
Sam Blackshear, co-founder and CTO of Mysten Labs said that Sui marries the safe asset-centric features of Move with a new object-centric data model which enables new eases blockchain scaling challenges and unlocks a more direct, accessible programming style for the next generation of smart contract developers.
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