Binance Labs backs blockchain dev Aptos Labs

Binance Labs backs blockchain dev Aptos Labs

Binance Labs, the venture capital division of Binance, has made a strategic investment into Aptos Labs, a layer-1 blockchain.

This investment comes after Aptos Labs raised $150m in funding in July 2022. FTX Ventures, Jump Capital, Apollo, and many others, backed the round. 

Aptos will use the funds to expand its team and bolster the development of its infrastructure. Capital will also enable Aptos to extend ecosystem initiatives.

Aptos has developed its blockchain over the past three years with over 350 developers deployed globally. Its blockchain is upgradeable and can evolve to support current and emerging Web3 use cases.

Aptos CEO Mo Shaikh said, “Aptos is inherently designed to address today’s key challenges around mainstream Web3 adoption. Our goal is to deliver the most performant, production-ready blockchain through a flexible, modular architecture designed for people-first usability and engineered to upgrade and evolve.

“The continued strategic support of the Binance Labs team helps us further empower our ecosystem to create next-generation applications that solve existing consumer challenges, and the challenges still to come.”

 The blockchain platform ensures resources are never discarded, facilitating secure execution and simple auditability. To provide secure user experiences, Aptos has a data model that supports hybrid custodial and key management options. It also offers timestamp-based state proofs to verify the validity of specific data points.

Binance Labs investment director Danny F. added, “Blockchain infrastructures are a key component that will allow Web3 developers to deploy decentralised applications safely and easily. However, this sector still faces many headwinds such as hacks and frequent outages. The technologies the Aptos team is building could bring innovations in transaction processing, system performance, assets security, and more.

Earlier in the year, Binance named Bifinity as the cryptocurrency infrastructure provider’s official fiat-to-crypto payments provider.

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