Former Meta employees and major players in the defunct Diem stablecoin project raised $ 200 million to expand the new venture, called Aptos.
Aptos was founded by former Novi – Crypto Division Meta – Head of Strategic Partnerships Mo Sheikh and Chief Technical Officer Avery Ching. The duo is now CEO and CEO of the new company. Both left the company in December, before selling Diem to Silvergate Capital in February this year.
The team is building a decentralized blockchain on the first level, partly based on Move, a code language originally developed for Diem. The company is currently working to expand its developer ecosystem and bring projects to the blockchain, which it says will be a cheap, secure and scalable network.
The $ 200 million strategic financing round was led by venture capital giant Aptos Andreessen Horowitz (a16z), backed by majors such as Three Arrows Capital, FTX Ventures, Paxos and Coinbase Ventures, according to an announcement on Wednesday.
The funding will be used to recruit new employees and support “companies, brands and builders” who want to develop projects on Apto’s blockchain. The start-up said that several projects in decentralized finance (DeFi), non-fungible tokens (NFT), Web3, social media and payments are already under development.
Aptos spoke with TechCrunch, refusing to disclose a specific estimate, but noted that it was “in the unicorn region” of about $ 1 billion.
In addition to the financing announcement, Aptos has also launched a public developer network with an open source database. The team told the publication that big names like Anchorage, Binance and Coinbase come with recommendations and contribute code to the developer network. The ad said:
“Later in the second quarter, there will be a catalytic test network to help scale the network and stress testing as it moves to the core network. We invite validators and other infrastructure providers to join our community now, and look forward to it.”
Aptos expects to launch Mainnet in the third quarter of this year, giving developers nearly six months to build projects before the network goes public.
Related: Vale Diem: How Facebook’s ambitious stable project ended
In a blog post late last month, Aptos claimed that the blockchain focus is on “absolute security, scalability and reliable neutrality”, while still being able to work on their ideas without scrutinizing regulators, as is the case with Diem. :
“After leaving Meta (formerly Facebook), we were able to revive our ideas, get rid of bureaucracy and build a whole new network from scratch to bring these ideas to life.”
Aptos uses Move, a secure language originally developed for Diem. The ideas we came up with at the time are still relevant and will serve as an important basis for a secure, scalable and scalable Web3 network. Our plans for decentralization and unauthorized access are evolving rapidly and will be developed publicly, the statement said.