Binance Labs Makes Additional Investments In Blockchain Layer-1 Aptos
Binance Labs, Binance’s venture capital and accelerator, has made a strategic investment in Aptos Labs, a next-generation layer-1 blockchain designed with safety and user experience in mind. This is a follow-up investment to the original round of funding announced in March of this year, and it enhances Binance Labs’ commitment to infrastructure development.
According to an announcement posted on the evening of September 15, Binance Labs revealed that it has made an additional investment in Aptos Labs, the developer behind the Aptos blockchain. However, Binance Labs did not disclose the specific investment amount.
Representatives of Binance and Aptos both stated that the agreement will help increase the cohesion between the two parties, arguing that Aptos has the potential to continue the joint development of the Web3 and crypto industries.
In March 2022, $200 million was invested in Aptos by Binance Labs. Then, in July, Aptos continued to raise another $150 million. The list of funds backing this project currently includes a16z, FTX Ventures, Binance Labs, Coinbase Ventures, Paxos, Jump Crypto, Multicoin Capital, and Circle Ventures.
Yi He, Co-Founder of Binance and Head of Binance Labs, said:
“We’re excited to be working closely with the Aptos team. At Binance, we’ve always believed in the power of blockchain technology to benefit the masses, just like the Internet. However, infrastructure building remains a bottleneck within the industry. We believe that the technological competitiveness of the Aptos team could bring increased scalability to the blockchain infrastructure while also supporting novel use cases for Web3.”
Aptos said the newly raised money will be used to expand the development team and build more products for the ecosystem.
Aptos is the blockchain that emerged after the collapse of Facebook’s stablecoin project Diem, led by former engineer Diem Mo Shaikh. This layer-1 blockchain is trying to create a platform that can overcome the inadequacies of scale, transaction speed, and security issues that many other blockchains are facing.
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