Aptos blockchain raises $150 million from FTX and Jump Crypto

The Series A funding round brought the total capital raised by Aptos Labs in 2022 to $350 million.

Aptos closes $150 million financing round

Former Meta employees raised $150 million in hopes of fulfilling Diem’s ​​original goals. Aptos Labs announced on Monday that it has raised $150 million in a Series A funding round led by FTX Ventures and Jump Crypto, bringing the total funds raised in 2022 to $350 million. Several leading venture capital firms, including Andreessen Horowitz, Multicoin Capital and Circle Ventures, also participated in this latest round.

According to a blog post published in February, Aptos aims to be the “most secure and scalable layer 1 blockchain” in the world. It is developed and run by former Meta members who worked on Diem (formerly known as Libra), Meta’s discontinued blockchain-based stablecoin payment system. Aptos hopes to build on and improve on Diem’s ​​work with the same group of top scientists and researchers.

Aptos was built with a focus on absolute security, extensible scalability, and credible neutrality – values ​​we know firsthand and viscerally understand.“, can we read in the February post. the article offers little information on how the project will achieve decentralization or tackle what is known as the blockchain trilemma“. Commenting on the lift in a press release, Mo Shaikh, co-founder and CEO of Aptos Labs, said that Aptos maximizes scalability, security and ease of use. “We’ve known for some time that due to issues like outages and downtime, current blockchains aren’t suited for the mass adoption of Web3.“, did he declare.

The crypto community reacts

Several similar Layer 1 blockchains boast high transaction rates, including Solana, Forehead and Polygon suffered major network outages over the past year, requiring the coordination of validators to restart and bring networks back online. Aptos now claims it is building a “Next Generation Layer 1” which should work around these problems, but the crypto community is not convinced.

For example, Framework Ventures co-founder Vance Spencer asked to her Twitter followers what Aptos can do that Solana can’t. Ethereum analyst Anthony Sassano replied by attacking the venture capital firm Multicoin Capital, involved in the Solana case.gives Multicoin another chance to discard to individuals“. Some prominent crypto figures have also expressed concern over the amount the project has raised. Evgeny Gaevoy, founder and CEO of cryptocurrency market-making firm Wintermute, asked how many millions it takes to launch a blockchain shortly after the announcement, to which the crypto trader recognized and UpOnly Cobie, co-host of the podcast, quips repliedas many as you can get.

According Bloombergthe latest $150 million raise likely doubled Aptos Labs’ March valuation to over $1 billion. In comparison, the leading smart contract blockchain, Ethereum, raised closer to $18.4 million in 2014.

According to the press release, Aptos will use the fresh capital to support the development of the project and build a blockchain that would embed “the next billion users.