Binance Labs has put more resources into backing Aptos, an emerging layer-one blockchain protocol, following an initial investment in March.
More Support From Binance Labs for Aptos
Binance Labs is making an additional investment in the Aptos Labs layer-one blockchain, according to an announcement posted Sept. 15
Binance Labs is the venture capital arm of the world’s largest cryptocurrency exchange Binance. The specific investment amount in Aptos was not disclosed.
Aptos said the newly raised money would help expand its development team and build more products for the ecosystem. The new investment follows Binance Labs’ initial investment in Aptos in March 2022, with a raised value of $200 million.
In July, Aptos continued to raise another $150 million from other supporters. Backers include a16z, FTX Ventures, Coinbase Ventures, Paxos, Jump Crypto, Multicoin Capital, and Circle Ventures.
The layer-one Aptos blockchain emerged after the collapse of Facebook’s stablecoin project Diem, led by former Diem engineer Mo Shaikh. Using the Move programming language developed by Facebook specifically for Diem, Aptos promises to create a platform that can overcome issues related to size, transaction speed, and security that many other blockchains face.
A separate but similar blockchain project called Sui also uses Move and is being developed by former Diem engineers. Sui raised $300 million in August, led by FTX Ventures. Sui’s investment round also involved Binance Labs and high-profile funds such as Jump Crypto, Franklin Templeton, Coinbase Ventures, etc.
What Is Aptos:
Aptos is a Layer 1 blockchain developed to solve the reliability, scalability, and usability issues plaguing existing blockchains. This blockchain is developed on Move, a programming language designed for the previous Diem project. Aptos can achieve over 130k transactions per second thanks to its parallel execution engine (Block-STM) with low transaction fees.
Where to find Aptos:
Source : bsc.news
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