According to the best crypto news website, $200M is raised for the new Aptos project started by former employees of Meta (previously known as Facebook). The former employees of Meta and the main brains behind the defunct stablecoin project of the firm, Diem, have managed to raise the $200M that they required to start their very own project that is dubbed Aptos.
The project of Aptos was co-founded by the ex-members of Meta which was formerly known as Facebook. After leaving the Meta Company, co-founders Avery Ching and Mo Shaikh managed to create their very own thing. Novi — Meta’s crypto unit — strategic partnerships lead Mo Shaikh & the lead of the technology department, Avery Ching. This power duo is now trying to create a new firm and serve as the CEO and CTO respectively.
The team is trying to create a decentralized Layer 1 blockchain that is based partially on Move, a special coding language that was created initially for Diem. The company is now in the procedure of increasing its developer network and appealing schemes to the blockchain, which it touts will be a inexpensive, protected, and scalable network.
According to the announcement on the 16th of March, Aptos’ $200 million strategic funding round was led by capital venture giant Andreessen Horowitz (a16z), along with backing from top firms such as Three Arrows Capital, FTX Ventures, Paxos, and Coinbase Ventures.
The funding will be used to hire new staff and to support “companies, brands and builders” who are looking to develop projects on the Aptos blockchain, with the startup teasing that several DeFi, NFT, Web3, social media, and payments projects are already in the works. Speaking with TechCrunch, Aptos refused to disclose a specific valuation but suggested that it is “well off into the unicorn territory” of around $1 billion.
Team Plans to Launch Diem Blockchain After Raising the Required Amount
Alongside the announcement of the funding being generated, Aptos has also launched a public devnet with an open-source codebase. The team told the publication that big names such as Anchorage, Binance, and Coinbase have been providing guidance and contributing code for the devnet.
The announcement stated: “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.”
Aptos expects Mainnet to launch in Q3 later this year, giving developers roughly six months to build projects before the network is live to the public.
In a particular blog post late last month, Aptos made an emphasis that the main focus of the blockchain is on the basis of “absolute safety, extensible scalability, and credible neutrality,”.
They want to be able to work on its ideas without intense scrutiny from regulators like in the case of Diem: “Since departing Meta (formerly Facebook) we have been able to put our ideas into motion, ditch bureaucratic red tape, and build an entirely new network from the ground up that brings them to fruition.”
According to the best crypto news site, the project for the Diem blockchain is going pretty smoothly. The blog post also mentioned, “Aptos is using Move, the safe and reliable language originally developed for Diem.
The ideas we conceived than are still relevant and will serve as an important foundation for a safe, scalable, upgradable Web3. Our plans for decentralization and permissionless access are progressing quickly and will be developed in the open,”. There are high hopes for the Diem blockchain project now that the money has been raised in order to make sure that the blockchain is successfully launched.
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