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Aptos is working on “next generation Layer 1” blockchain solutions specifically for the Web 3 world and its goal is to bring blockchain technology to masses.
On Monday, July 25, Web 3 blockchain startup Aptos announced that it secures $150 million in a recent funding round led by FTX Ventures and Jump Crypto.
FTX Ventures is the crypto investment arm of the FTX Exchange and was an earlier participant in funding Aptos. The company had also participated in Aptos’ previous funding round in March wherein they raised $200 million. Some of the new participants in the latest funding round include names like Griffin Gaming Partners, Circle Ventures, Franklin Templeton, and Superscrypt.
Furthermore, Aptos received continued support from Andressen Horowitz (a16z) and Multicoin. Ramnik Arora, investment partner at FTX Ventures said that blockchain technology needs to prioritize safety, scalability, and ease of use to reach “the next billion users”.
Aptos was founded by former Meta employees with the goal of bringing blockchain technology to billions of users. Aptos has yet to launch its mainnet and is currently operating on a series of testnets. So far this year, Aptos has raised more than $350 million dollars. The Web 3 startup plans to invest this amount in the development of a scalable and safe Layer 1 blockchain.
Aptos Funding Round at a Critical Time
The recent funding round by Aptos comes at a critical time when the market sentiment in the broader crypto space remains negative. Speaking of the development, Aptos co-founder and CTO Avery Ching noted:
“At Aptos, we are taking this as an opportunity to build the reliable foundation web3 has been waiting for. This team has spent years building and battle testing world-class technology that will dramatically elevate the usability and socialization of web3. We are working with our strategic partners to identify consumer needs, and address them by shipping the most performant and upgradable blockchain technology”.
Web 3 represents the next generation of internet applications built atop the blockchain technology using smart contracts. Basically, Web 3 combines the decentralization of the early internet with the functionality of Web 2.0.
Founder last year in 2021, Aptos is working on similar grounds. However, it specializes in “next generation Layer 1” blockchain solutions. “We’ve known for a while that, due to issues like outages and downtime, current blockchains are not fit for purpose when it comes to mass web3 adoption,” explained Aptos CEO and co-founder Mo Shaikh.