Former Facebook (Meta) employees raises funds for new crypto project: Aptos

Key players of the Diem project raised $200 million to work on a new project, named Aptos. 

Diem was a core project of Meta (former Facebook). Due to unsuccess in the blockchain & crypto industry, Meta sold its stakes from the Diem project officially in February of this year to Silvergate Capital. Now key players and former Meta employees are working on this project to give a new turn toward new growth.

The present team behind the Deim raised around $200 million funds to boost the new blockchain development works in the new project Aptos. In this funding collection, Three Arrows Capital, FTX Ventures, Paxos, and Coinbase Ventures-backed significantly. Funding round led by capital venture Andreessen Horowitz.

Aptos was co-founded by the crypto unit project of Meta, Novi. The strategic partnerships for this project will be led by Mo Shaikh and the tech-related lead will be done by Avery Ching, while Duo will serve as Chief executive officer and chief technology officer at the new project. These two key players left Novi crypto wallet project in December of last year. 

The team behind this project is working on its Layer-1 blockchain Network development, however, this development work was already under the initial phase since long time for the Deim project. The new company aimed to attract huge numbers of crypto projects in its Ecosystem to provide a cheap, secure, and scalable network. 

The collected funds will be used by the project team to hire new talents and also create brand value, to increase the development & testing works on Defi, NFT, Web3, social media, and payments projects. 

The current value of this project is still undisclosed but still, an interview with TechCrunch revealed that it is expected to hit the tag of a unicorn in near future. 

Publication on these efforts noted that Anchorage, Binance, and Coinbase like key players are guiding the project team’s developers and engineers. And also they are helping in the coding.

“Later in Q2, there will be an incentivized testnet to help scale the network and stress test it as it marches toward manner. We invite validators and other infrastructure providers to join our community now in anticipation of that,” the announcement read

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