Binance Labs, the venture capital division of the largest cryptocurrency exchange in the world, has expanded its investment in the blockchain firm Aptos Labs.
Aptos Labs – is a startup created by former Meta (Facebook) Platforms workers who worked on the deserted Diem project.
Yi He, the co-founder of Binance and the head of Binance Labs, claims that the programming language Aptos used to develop its blockchain is a contributing factor in the new financing for the start-up, which follows the first round of funding disclosed in March.
She also stated that the “Move” programming language, which was meant for the Diem blockchain, “is different from BNB Chain and Solana and is more efficient and secure.”
The former Facebook developers are working on the creation of a layer 1 blockchain – leveraging some of the technology used for the now-defunct Diem stablecoin project.
The project is getting ready for a mainnet debut later this year and is courting developers of decentralized finance (DeFi). Aptos Labs’ market valuation is around US$ 4 billion, according to a report from Bloomberg.
“We’re excited to strengthen our partnership with @aptoslabs — a layer-1 blockchain designed to be upgradeable & evolve to support novel Web3 use cases,” Binance Labs celebrated on a Twitter post. “This follow-on investment with Aptos represents Binance Labs’ commitment to infrastructure building!”
Aptos Labs Continues To Gather Investments
Earlier in July, the startup announced that it raised US$150 Million in a funding round led by FTX Ventures.
According to the startup, the round featured investments from a number of cryptocurrency companies, including Circle Ventures, Multicoin Capital, and Andreessen Horowitz.
The company is expected to really check up on the blockchain world.
At the time, Apto Labs co-founder and CEO, Mo Shaikh stated that blockchains on the market today are guilty of having too many outages and “are not fit for purpose when it comes to mass Web3 adoption.”
Shaikh also Aptos Labs’ goal is to build a blockchain that could become a reliable foundation for Web3.
For now, the startup has raised millions of dollar in investments, and only the future will tell how Aptos Labs’ ambitions will play out.