How Aptos Raised $150 Million From FTX Ventures And Jump Crypto

The team behind Diem, a project launched and abandoned by Meta (formerly known as Facebook), is moving fast with the development of Aptos. A new layer one blockchain build with Move, the programming language initially designed for the Facebook project.

Related Reading | SEC Regulating The Crypto Sector Will Be A “Nightmare,” Says Billionaire Mark Cuban

Today, Aptos announced that it has received support from major players in the crypto industry. Via an official Medium post, the team behind the project revealed that they have successfully completed a $150 million funding round.

The round was led by FTX Ventures and Jump Crypto. In addition, Aptos has been supported by Circle Ventures, Griffin Gaming Partners, a16z, Multicoin, and others.

These investors highlight the hype generated around the Aptos Network and its potential to become a relevant project in the digital asset space in the coming years. The team behind the project took their experience building Diem, iterated, and improved it, to develop a project capable of providing users with a decentralized and low-cost network, according to an official post.

The post claims Aptos will use the funds to “build the reliable foundation Web3 has been waiting for”. The team behind the project claims it has spent over 7 years developing this layer one blockchain with an experienced team.

As a result, they feel confident about “dramatically elevating the usability and socialization of Web3”. On the official post, the team behind Aptos claimed the following about the development of their Web3 blockchain-based solution:

We are working with our strategic partners to identify consumer needs, and address them by shipping the most performant and upgradable blockchain technology (…). The Aptos team is excited by the strategic support of this round across key verticals our blockchain was built to support: Gaming, Social Networks, Media & Entertainment and Finance. More on these verticals soon!

In addition to decentralization and scalability, the team behind the project is focused on providing people with a better user experience. The platform’s blockchain language, Move, will be a central component as it will provide Aptos with security, predictability, and flexibility.

Related Reading | Crypto Market Observes $150m Liquidations As Bitcoin Slips Under $22k

The Aptos network aims at becoming a widely adopted blockchain-based and decentralized system. Upon their launch, they claim to be building a system of credible neutrality capable of onboarding millions of people into the Web3 ecosystem:

As a team, we are driven by the confidence that we are the right people to build the safest, most scalable and most widely accessible network. That might sound cliché or overly idyllic, but we mean it wholeheartedly: a world utility cannot succeed in the hands of a few. Aptos will only succeed if it is collectively used, owned and maintained by everyone.

Share This Article

Get the most out of CoinFi News!