AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- Aptos was established in 2021 and the startup's founders are ex-Meta employees.
- Aptos is a layer-1 blockchain with an emphasis on scalability and financial inclusion.
- The previous seven months have seen Aptos host hackathons.
Web3 startup Aptos announced raising US$ 150 million in a funding round led by FTX Ventures and Jump Crypto on Monday, July 25. The startup is expected to use its new funding to improve the decentralized web's "usability and socializing."
The fundraising round included participation from numerous new partners, including Apollo, Franklin Templeton, and Superscrypt, as described in a blog post from Aptos. Additionally, Multicoin and a16z, two of the top venture capital firms investing in cryptocurrencies, continued to promote it.
Web3 refers to the upcoming class of web apps being created on top of smart contracts and blockchain technology. Theoretically, Web3 apps combine the early internet's decentralization with Web2's functionality, which is currently dominated by digital behemoths like Google and Facebook.
Decentralized finance (DeFi), which uses self-executing code to provide common financial services to everyone, permissionless, is one component of Web3. Many believe that DeFi offers centralized services a safer and more open substitute.
What is Aptos?
As a layer-1 blockchain with an emphasis on scalability and financial inclusion, Aptos was established in 2021. The startup's founders are ex-Meta employees who worked on Diem, the failed stablecoin payment system of Meta, formerly known as Facebook.
Over the past year, several comparable Layer 1 blockchains with high transaction throughputs, such as Solana, Celo, and Polygon, have had significant network outages that necessitated validator cooperation to restart and bring the networks back up. Now, Aptos claims it is developing a "next-generation Layer 1" that would ostensibly get around these problems.
In June, for instance, centralized lenders like Voyager were compelled to halt user withdrawals due to liquidity difficulties.
Source: ©Kalkine Media®; © Cardio Studio via Canva.com
Due to the latest funding round, Aptos is gaining traction among cryptocurrency enthusiasts. However, it is important to know that Aptos crypto does not exist at the moment.
Bottom line
The previous seven months have seen Aptos host hackathons, reach 20,000 operational nodes on devnet, introduce a series of incentive-driven testnets, and secure US$ 350 million in funding.
Earlier, the greatest names in Silicon Valley and the cryptocurrency industry contributed to Aptos' stunning US$ 200 million funding round, including PayPal Ventures and others.
Risk Disclosure: Trading in cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory, or political events. The laws that apply to crypto products (and how a particular crypto product is regulated) may change. Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading in the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed. Kalkine Media cannot and does not represent or guarantee that any of the information/data available here is accurate, reliable, current, complete or appropriate for your needs. Kalkine Media will not accept liability for any loss or damage as a result of your trading or your reliance on the information shared on this website.
