Aptos Labs quadruples its valuation in 6 months—Report

Palo Alto, California Aptos Laboratories has quadrupled its valuation since March, after Binance Labs—the venture capital branch and the accelerator of Binance— made an undisclosed new strategic investment in infrastructure company Web3.

The follow-on investment was announced by Binance Labs in a blog post. She did not disclose the amount of the follow-on investment, but a Bloomberg report said the new money gives Aptos a valuation of more than $4 billion.

Binance Labs specifically noted Aptos’ use of the Move programming language to build its blockchain as one of the reasons for the investor arm’s interest in the startup. Move is said to provide faster trade execution and a safer user experience.

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“We believe the technological competitiveness of the Aptos team could bring increased scalability to blockchain infrastructure while supporting new use cases for Web3,” said Yi heco-founder of Binance and head of Binance Labs, in the blog.

A lot of money

Aptos, founded by the formerMeta employees, creates a blockchain of the layer 1 system, which means that it will not sit on Ethereum or another network, but will be its own decentralized network. The company seeks to build on key elements of the Diem blockchain and its smart contract language, Meta’s stablecoin project that was shut down earlier this year.

The new round is just the latest increase from the Layer 1 blockchain company Web3. It was just mid-March that Aptos closed a $200 million investment of world tiger, Coinbase Ventures and FTX Ventures, and valued the company at over $1 billion. Aptos then closed a $150 million Series A in July, also hosted by FTX Companiesin the same way Jump Crypto. Binance Labs participated in the July seed round, which valued the company at over $2 billion.

Layer 1 blockchain startups continue to capture investors’ imaginations and money.

It was last week when Palo Alto, California, Mysten Labs closed one $300 million Series B at a valuation of over $2 billion. The new round was led by FTX Companies.

Illustration: Dom Guzman

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Amanda J. Marsh