The lost Diem project arises from ashes with Aptos, launches new public devnet
Former Meta employees, who were leading members of its inoperative stablecoin project Diem, have raised $200 million with an aim to expand a new project, Aptos.
Aptos emergence
Aptos' $200 million strategic investment round was headed by capital venture giant Andreessen Horowitz (a16z), with support from leading businesses such as Three Arrows Capital, FTX Ventures, Paxos, and Coinbase Ventures, according to a March 16 announcement.The money will be used to hire additional employees and support "companies, brands, and builders" that want to build projects on the Aptos blockchain, with the company hinting that multiple DeFi, NFT, Web3, social media, and payments initiatives are already in the works.
Meta’s crypto unit, Novi’s former strategic partnership lead Mo Shaikh and tech lead Avery Ching have together founded Aptos which are also serving as the Chief Executive Officer and Chief Technical Officer of the new company. The duo left the company in December 2021, before Silvergate Capital acquired Diem in February 2022.
Move, the coding language that was developed for Diem has been used by the Aptos team to build a decentralized Layer 1 blockchain. The team is now aiming to expand its developer ecosystem and attract projects to the blockchain, which it claims to be a cheap, scalable, secure network.
Public Devnet
Although Aptos refused to reveal the valuation of the firm after the funding round, it is important to note that the firm revealed that its valuation is somewhere around the $1 billion mark and "well off in the unicorn territory." This is clear from the statement given to TechCrunch by the representatives of the firm.It is also a fact that the firm has launched the Aptos public Devnet which is open-source in nature. As per the announcement from the Medium blog:
“Later in Q2, there will be an incentivized testnet to help scale the network and stress test it as it marches toward mainnet. We invite validators and other infrastructure providers to join our community now in anticipation of that.”
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