Aptos Labs, which was created from the ruins of Meta Platforms Inc.’s failed cryptocurrency endeavors, has acquired $150 million in fresh capital, more than doubling its prior valuation.
In its most recent investment round, Aptos, which was created less than a year ago, garnered $200 million from investors.
Mo Sheikh and Avery Ching are former employees of Meta
Former Meta personnel who co-founded Aptos worked on the failed Diem cryptocurrency project, which Meta had financed but which eventually sold its shares due to severe regulatory objections.
The Diem blockchain is supported by Move, a programming language being used by Aptos to create a blockchain that should speed up and reduce the cost of transactions.
According to firm co-founder Avery Ching, “We are developing upgradable, cutting-edge blockchain solutions that will significantly improve the web3 experience for developers, brands, and users.”
According to the announcement, Mysten Labs, a different startup established by former Meta workers, is also creating a blockchain using the Move programming language and is seeking new funding.