Binance’s VC firm has strategically invested in a startup blockchain network created by former developers of Facebook’s defunct project Diem.
Based on the official blog post, Binance Labs will help Aptos “accelerate the adoption of the decentralized ecosystem” by providing expert knowledge on how to create a sustainable infrastructure and by overseeing the activities carried out by the development group.
Welcome @aptolabs, THE Layer 1 blockchain built by some of the original creators, researchers, designers and builders of the Diem blockchain, for the Binance Labs family! Looking forward to our journey ahead 💪🦾https://t.co/7EVEFlsMXV
— Binance Labs Fund (@BinanceLabs) March 28, 2022
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While the team behind Aptos is quite experienced given the earlier project, the investment will allow Aptos Labs to expand its team and build on Binance Labs’ values to “change the industry” and build a sustainable product.
Bill Qian, head of Binance Labs, spoke about the strategic investment and emphasized the importance of creating a fully functional and scalable blockchain network. He claimed:
“We believe in the same vision that Aptos sees – building a more reliable and scalable blockchain for everyone. Ultimately, the blockchain usable by the masses will be able to drive mass adoption of users across a wide variety of applications and technological advancements.” and business innovation in those areas. Users can expect a secure and seamless experience from blockchains.”
Likewise, Jeffrey Ma, who is the investment director of Binance Labs, believes Aptos can “help bring 100 million users to the crypto space with the mission of creating universal and fair access to decentralized assets for billions of people.”
by Dom Z. – Crypto Analyst, BitDegree