Ex-Meta Employees Gets $200M To Build Scalable Blockchain System

Aptos, a group of former Meta employees that worked on Diem blockchain, abandoned the company in December. The team is now developing its own blockchain system, aiming to be used by millions. The group that founded the startup announced the firm gets $200 million in its first funding round, which was qualified as strategic. 

Meanwhile, Aptos has already received unicorn money from Andreessen Horowitz and other prominent web3 investors. Additionally, the project is backed by several VC companies, including Tiger Global, Katie Haun, Multicoin Capital, 3 Arrows Capital, FTX Ventures, and Coinbase Ventures.

Moreover, Aptos funds will be used to build a more scalable blockchain, which users can rely upon without having to pay huge fees. However, some blockchains on the market today claim to do just this. Aptos team believes there is always room for improvement in this industry.

Aptos CEO, Mo Shaik, said in a blogpost:

Web3 applications and financial ramps are the main focus of Aptos for the design of its blockchain product. Our goal is to work with some of the world’s largest brands and tech companies to really build a web3 ecosystem for the masses.

Furthermore, scalability is one of the main problems of current generation blockchains, which is trying to solve to bring mass adoption of the technology. Blockchains like Ethereum have suffered from a loss of users due to the high fees. Meanwhile, the blockchain has relied on L2 (Layer 2) layers to deal with excess traffic.

Other blockchains like Solana and Avalanche have addressed this problem by introducing different solutions. However, these two chains have experienced downtime in their services due to various issues.