Aptos Blockchain Raises $ 150 Million

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Aptos Labs, a blockchain startup led by former Meta employees involved in Project Diem, raised $ 150 million to build “the most secure and scalable Level 1 blockchain.”

Aptos completes the $ 150 million funding round

Former Meta employees raised $ 150 million in hopes of meeting Dim’s original goals. Aptos Labs announced Monday that this is the case. $ 150 million raised in a Series A funding round led by FTX Ventures and Jump Crypto, raising the total amount of funds raised in 2022. 350 million dollars. Some of the major investment firms, including Andreessen Horowitz, Multicoin Capital and Circle Ventures, also participated in this latest round.

1 / Today we announced a $ 150 million Series A funding round. It’s a testament to our team’s technical expertise, the strength and vigor of our ecosystem, and the vision and spirit we all share. https://t.co/GGnn4TY9Lw

– Aptos (@AptosLabs) July 25, 2022

According to an introductory blog post published in February, this is exactly what Aptos wants to be. “The most secure and scalable top-level blockchain“in the world. The company is developed and managed by former employees Meta working on Diem (formerly known as Libra), a discontinued blockchain-based Meta payment system. I hope Apto Building and improving Dim’s work with the same group of famous scientists and researchers.

“Aptos was built focusing on absolute security, scalability and strong neutrality, values ​​we know well and deeply cherish,” reads the February post. There is little evidence of how The project will implement decentralization or solve the famous blockchain trilemma. Mo Sheikh, co-founder and CEO of Aptos Labs, commented on the fundraiser in a press release stating that Aptos optimize scalability, security and usability.

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“We have known for a long time that existing blockchains are not very suitable for mass adoption of Web3 due to problems such as breakdowns and downtime,” he said.

Unenthusiastic reaction from the crypto community

Several blockchains, especially the first level, which require a large number of transactions per second, including Solana, Celo and Polygon (a level 2 solution from Ethereum) have experienced severe network disruptions over the past year, which required coordination of validators to restart networks and bring them back online.

Now Aptos claims to build “Next Generation Level 1 “ what should get around these problems, but the crypto community is still not convinced.

For example, Framework Ventures co-founder Vance Spencer asked his Twitter followers what that Aptos can do more than Solana. Popular independent Ethereum observer Anthony Sassano responded by lashing out at venture capital firm Multicoin Capital, which owns Solana, saying it “gives Multicoin another chance to turn to resellers.”

What does Aptos do that Solana doesn’t? https://t.co/KAXcSTLzEp

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– Vance Spencer (@pythianism) July 25, 2022

Some prominent cryptographic figures have done the same. express your concerns how much the project has raised. Evgeny Gaevoy, founder and CEO of the cryptographic firm Wintermute, asked chow many millions does it cost to launch a blockchain Shortly after the announcement, to which the well-known cryptocurrency trader and co-host of the UpOnly podcast, Kobe ironically replied: “how much you can get. “

According to Bloomberg, the recent $ 150 million increase likely doubled Aptos Labs’ valuation in March. for a total of over $ 1 billion. In comparison, the leading blockchain for smart contracts, etherraised closer $ 18.4 million in 2014.

According to the press release, Aptos will use the new capital for this. support the development of the project and create a blockchain that will attract the “next billion users”. This means that a major new competitor will appear. in a layered battle 1. Considering Solana, Avalanche, Near and of course Ethereum, this project will be uploaded.

For more information on Ethereum, check out our latest article on price predictions for stellar crypto ecosystem projects.

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