Layer 1 blockchain developer Aptos Labs has closed a $150 million funding round to pursue its ambitions in the web3 space, further underscoring the appetite for venture capital for budding crypto-focused startups.
The funding round was co-led by venture capital studios FTX Ventures and Jump Crypto, with additional participation from Andreessen Horowitz, Apollo, Franklin Templeton and Circle Ventures. According to Bloomberg, the funding cycle of more than double the valuation of the startup, which exceeded $ 1 billion in March.
Aptos was started by former Meta employees Mo Shaikh and Avery Ching. The founders also played a role in advancing The failure of Mark Zuckerberg’s Project Diem. As Cointelegraph reported, the Diem Association and its affiliates ceased operations in February this yearMeta moving to sell project intellectual property and other assets.
— Cointelegraph Research (@CointelegraphCS) July 18, 2022
As reported by Bloomberg, the Aptos blockchain uses Diem’s programming language, called Move, which is said to make transactions cheaper and more efficient. Mysten Labs, another blockchain project from the ashes of Diem, also uses the Move programming language. Mysten Labs has closed a $36 million funding round in December 2021.
Although the so-called crypto winter is upon us, venture capital continues to make strategic investments in the blockchain and crypto industries. According to Cointelegraph Research, venture capitalists invested $14.67 billion in the sector in the second quarter, essentially corresponding to the commitments of the first quarter. Web3, a broad concept that describes the next iteration of the blockchain-powered internet, has garnered the most interest.