Diem Developers has Raised $200M to Build their new project, Aptos Blockchain

Diem developers raise $200M to build Aptos, a layer-1 blockchain

Silvergate Capital purchased the Diem technology assets for $182 million earlier this year, putting a end to Facebook’s audacious plan to create a crypto payments network.

The team behind the original Diem project then stated in late February that they were working on a new blockchain named Aptos.

“We are the original creators, researchers, designers, and builders of Diem, the blockchain that was first built to serve this purpose. While the world never got to see what we built, our work is far from over,” Aptos CEO Mo Shaikh wrote.

On March 15, Aptos announced that it has raised $200 million in a strategic round led by. a16z crypto with participation from Multicoin Capital, Katie Haun, 3 Arrows Capital, ParaFi Capital, IRONGREY, Hashed, Variant, Tiger Global, BlockTower, FTX Ventures, Paxos and Coinbase Ventures, as well as a great supporting cast of other phenomenal firms, executives and angels across the Web2 and Web3 ecosystems.

According to Tech Crunch, the Aptos team said that they will not be licensing or utilizing any of Silvergate’s Diem intellectual property because they built their own blockchain. The company’s value was not revealed, but according to the founders, it is expected to be in the billions of dollars, since it is well “into unicorn territory.”

Aptos is another layer-1 blockchain that puts it in competition with Ethereum and Solana. It uses a coding language called Move, with which it aims to attract a large number of developers from existing networks.

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