Binance Labs, the venture capital arm of cryptocurrency exchange Binance, has announced that it has invested in the Layer 1 blockchain platform Aptos Labs. Some of the members of the Aptos Labs were also creators of the Diem Blockchain.
The investment will help Aptos Labs to speed up the adoption of the decentralized ecosystem. This deal also means that Binance and Aptos will partner on infrastructure building, code reviews, hackathons, and developments in the blockchain ecosystem.
The Project’s Goal Is To Build A Scalable Blockchain For Everybody
Apart from Binance Labs, other participants also joined the funding, as Aptos Labs received $200 million for the project. Other participants include 3 Arrows Capital, Katie Haun, Paxos, BlockTower, Tiger Global, Hashed Variant, Multichain Capital, and FTX Ventures.
Head of Binance Labs, Bill Qian, said the company has the same vision that Aptos has, which is the development of a more scalable and reliable blockchain for everyone.
He added that once a blockchain that can be used by everyone is developed, it will drive massive adoption in the industry, with users having a wide range of applications at their disposal. This will speed up business innovations and technologies in those areas. “Users can expect a secure and seamless experience of blockchains,” Qian reiterates.
The Project Will Ensure A Fair Access To The Decentralized Ecosystem
Investment Director at Binance Labs, Jeffrey Ma, also commented on the investment. He noted that Aptos has the capability of adding 100 million users to the crypto space when it gets the right resources and funding. The goal is to ensure fair and universal access to decentralized assets. He also believes that the team at Aptos Labs has a high level of expertise through the development of the Diem blockchain. This will become very useful for the building and expansion of the project at Aptos Labs.
Binance Labs has invested in several blockchain and metaverse projects, as it continues on its goal of ensuring a broader adoption. The firm recently led the seed round of Ultiverse to enhance metaverse offerings in the BNB chain ecosystem.
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