Binance Labs increases Investment in Blockchain Startup Aptos

The venture capital arm of the biggest cryptocurrency exchange in the world, Binance Labs, is boosting its investment in Aptos Labs, which is a blockchain startup founded by former Meta Platforms Inc. employees who have worked on the failed Diem stablecoin project of the company.

According to Yi He, co-founder of Binance and head of Binance Labs, Binance Labs has decided on adding to its investment in Aptos in part because of the programming language called ‘Move’ that the company is utilizing to create its blockchain.

She was asked various questions on this topic in an interview in Paris. She has said that the language was supposed to power the Diem blockchain. According to her, this is way different from BNB Chain or even Solana. This is also far more efficient and secure. She also added that It is an incredible opportunity to construct the future. Regardless, Aptos refused to remark on the new funding.

Binance first announced its investment in Aptos Labs in March. The Palo Alto, the California-based company recently raised $200 million at a valuation of more than $1 billion from investors including Andreessen Horowitz, Multicoin Capital, and disgraced crypto hedge fund Three Arrows Capital. Aptos then raised another $150 million in July, which has more than doubled its valuation.

Binance Labs is not permitted to disclose the amount of this latest investment, however, Aptos Lab’s market value is estimated to be more than $4 billion, according to Yi He. A spokesperson for Binance later said that his estimation was wrong. However, he did not provide any updated valuation. According to him, recent hacks and network outages show the significance of blockchain infrastructure. He also noted that the company has furthermore invested in Polygon.

Mysten Labs, an Aptos rival, had said last week that it had boosted $300 million at a more than $2 billion valuation. Notably, the company was also founded by ex-Meta employees who have worked on Diem and resort to the Move language for its blockchain

Source- Unlock Media 

Leave a Reply

Your email address will not be published.