Aptos Labs is a Layer 1 blockchain startup. The startup uses Move, a programming language, that powered the Diem blockchain and is supposed to make transactions faster and cheaper. Diem is the doomed cryptocurrency project that was backed by Meta but met resistance from regulators and sold its assets.
The funding round was led by FTX Ventures and Jump Crypto. “For blockchain technology to reach the next billion users, we need to prioritize scalability, safety, and ease of use. Aptos does exactly this,” Ramnik Arora, an investment partner at FTX Ventures. Andreessen Horowitz, Apollo, Franklin Templeton, Griffin Gaming Partners, and Circle Ventures also participated in the round. The investments raised will be used for project development support.
Aptos Labs, California, the USA, was founded by Mo Shaikh and Avery Ching in 2021. Both founders are former Meta employees. “We are developing upgradable, cutting-edge blockchain innovations that will dramatically improve the web3 experience for developers, brands, and users,” Avery Ching. Aptos Labs which was founded less than a year ago has already had an investment round and raised $200 million. “We’ve known for a while that, due to issues like outages and downtime, current blockchains are not fit for purpose when it comes to mass Web3 adoption. That’s why we’re building a blockchain to be the reliable foundation for Web3 that ushers in users from around the world to experience the benefits of decentralization,” Mo Shaikh, Aptos’ co-founder and CEO.