Clearly, Binance strongly believes in the future prospects of the Aptos blockchain. Recently, Binance Labs, the investment arm of the exchange, allocated significant funds to support the development of the project. This brought its valuation to $4 billion.
Binance fell in love with Aptos
A few days ago, Binance Labs announced that they once again pumped money into building the Aptos blockchain infrastructure project.
According to Yi He, co-founder of Binance and CEO of Binance Labs, this engagement was greatly boosted by the performance of the programming language that used to develop this network. Called Move, it would offer faster execution times and a higher level of security. In fact, Move was originally designed for Diem, Meta’s now discontinued blockchain initiative. Moreover, the founders of Aptos are former employees of Meta, where they worked on this same project.
“Building infrastructure remains a bottleneck within the industry. We believe the technological competitiveness of the Aptos team could bring increased scalability to blockchain infrastructure while supporting new use cases for Web3”, told Yi He.
Binance’s recent contribution will support the development of the network and finance the recruitment of new resources. In addition, Aptos also intends to evolve its ecosystem through new solutions and new projects.
Aptos is popular with institutional investors
Last March, the startup closed a $200 million funding round involving industry giants such as Three Arrows Capital. Four months later, Aptos completed a $150 million seed round from investors like FTX Ventures, Jump Crypto, and Binance Labs. With this new fundraising, the company would weigh $4 billion. This means that in less than 6 months, its capitalization has been multiplied by 4.
Nowadays, blockchain infrastructures are immature in terms of security, speed and scalability. The challenge is to optimize the work of Web3 developers and improve the user experience of decentralized applications (DApps). By supporting the development of Aptos, Binance is strategically positioning itself to strengthen its position as a frontrunner in innovation.
Receive a digest of news in the world of cryptocurrencies by subscribing to our new service ofdaily and weekly so you don’t miss any of the essential Tremplin.io!