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Apto Labs has raised $150 million for Diem

Aptos Labs, a blockchain startup founded by a former Meta employee, has raised US$150 million in a Series A funding round. Other venture capital firms such as Apollo, Circle Ventures, Griffin Gaming Partners, Franklin Templeton, and Temasek’s Superscript also participated in this investment round led by FTX ventures and Jump Crypto.

The fresh capital raised by Aptos Labs will be used to expand its team as the company prepares to advance Web3 adoption.

“We work with our partners to identify consumer needs and meet them by delivering the highest performing and upgradeable blockchain technology. This funding comes at a critical time in the industry. At Aptos, we take this as an opportunity to build the reliable foundation Web3 has been waiting for,” said Aptos Labs, founded in California in 2021, in a Mid-Post.

Shaikh and Ching aim to bring a Web3 twist to gaming, social networking, media, entertainment, and finance with their own company.

“We hosted hackathons while devnet reached 20,000 operational nodes, launched our series of incentivized testnets, and raised a total of $350 million. We look forward to expanding the Aptos team, product suite, and community with this funding’ the company added. Several big venture capital companies have recently committed funds to crypto-related companies.