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Aptos hits big with investment from Binance Labs
Aptos Labs, a Layer 1 blockchain protocol that is the creation of the former Meta employees that worked on the Diem project, has scored strategic investment from Binance Labs, the venture capital arm and innovation incubator of the world's biggest crypto exchange, which also made a $200 million strategic investment in Forbes.
Aptos Labs's deal with Binance
As per the official announcement from the Binance blog, the deal between Aptos and the exchange aims "to accelerate the adoption of the decentralized ecosystem" and fulfill the goal of the project to become the most scalable and safe Layer 1 blockchain for users. It is also important to note that the blog revealed that with the newly acquired funds, Aptos Labs is set to add more people to its team in the coming years.Aptos and Binance will work closely together in growing the Aptos ecosystem through development, code review, infrastructure building, hackathons, and much more – all to come soon!Jeffrey Ma, Investment Director at Binance Labs talked about the two major things that the venture arm of the exchange looks for before making a strategic investment which are: the number of people using the product and if the project has the potential to change the industry. Taking Aptos into account, Bill Qian, Head of Binance Labs said:
Eventually, the blockchain that can be used by the masses will be able to drive mass adoption of users in a wide variety of applications and accelerate technological and business innovation in those fields.
Investment led by Andreessen Horowitz (a16z)
Aptos Labs had recently secured a funding of $200 million in a funding round led by Andreessen Horowitz (a16z) and also launched its public devenet, as noted by Cryptonary in a recent report. The developers are already working on a number of DeFi, NFT, Web3, social media, and payments projects which are set to be revealed in the coming days.Continue reading by joining Cryptonary Pro
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