Binance Labs, the venture capital arm of world’s largest cryptocurrency exchange, has made a follow-on investment in Aptos Labs, as a part of a broader fundraising round by the blockchain startup.
See related article: Aptos raises US$150 mln from FTX Ventures, Jump Crypto
- Aptos will use the funds to expand its team and develop layer-1 infrastructure, Binance Labs said in a statement, without providing financial details of the investment.
- Binance Labs followed up on its investment made in Aptos’ first fundraise in March because of the programming language the startup uses to build its blockchain, Bloomberg reported quoting Yi He, cofounder of Binance and head of its venture capital investment unit.
- The Aptos blockchain uses the ‘Move’ language, which is reportedly more efficient and secure than BNB Chain and Solana, Bloomberg said in its report.
- Aptos’ March fundraise of US$200 million valued the startup at a valuation of more than US$1 billion – in a round led by a16z crypto with participation from Tiger Global, BlockTower, FTX Ventures, Paxos and Coinbase Ventures, among others.
See related article: KuCoin raises US$10 mln despite cool off in crypto venture funding