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Binance’s VC arm decided to increase its investment in Aptos (the company founded by former employees of Meta). Aptos will make use of the funds to grow the team. Binance’s VC arm decided to increase its investment in Aptos (the company founded by former employees of Meta).

Binance Labs stated that it is backing the blockchain startup in part due to Move’s use, the programming language used to build the product.

Aptos stated that it will use the funds to grow its team and support the “development of its innovative layer-1 infrastructure.

Aptos raised $150m in july lead by crypto VC Jump Crypto

Jump Crypto and FTX Ventures announced a $150 million funding round in July. This funding follows an round in March that saw the blockchain developer raise $200m from investors like Multicoin Capital, Tiger Global, and a16z.

Former Meta employees founded the startup in an effort to spread blockchain technology to more people. Aptos is currently operating on a number of testnets, and the mainnet has not yet launched, but it is planned for later in the year.

The Block asked Binance for details about the value of the raise but Binance didn’t respond immediately. Bloomberg reported earlier that Binance stated that the market value for Aptos has now been estimated at more than $4B.

Binance Labs co-founder Yi He stated in a press release that “At Binance we’ve always believed the power of Blockchain technology to benefit the masses just like the Internet.” However, infrastructure building is still a major problem in the industry. Aptos’ technological competitiveness could help increase the scalability of blockchain infrastructure and support novel Web3 use cases.

The post Binance Ventures Goes All in on Blockchain Firm Aptos Before it Launches first appeared on The Daily Encrypt.



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Angie Byrd