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Diem team members raise $200 million to launch blockchain derived there

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Former Meta employees and key players behind the company’s broken stablecoin project, Diem has raised $200 million to expand a new project called “Aptos.”

Aptos was co-founded by Novi – Meta’s cryptocurrency unit – strategic partnership leader Mo Shaikh and technology leader Avery Ching. The duo currently serves as the CEO and CTO for the new company. Both left the company in December, before Diem was injured sold to Silvergate Capital in February of this year.

The team is building a decentralized Layer 1 blockchain partially based on Move, the coding language originally developed for Diem. The company is currently in the process of growing its developer ecosystem and attracting projects to the blockchain, which it touts will be a cheap, secure, and scalable network.

According to a March 16 announcement, Aptos’ $200 million strategic funding round led by Huge venture capital Andreessen Horowitz (a16z), with backing from leading firms such as Three Arrows Capital, FTX Ventures, Paxos and Coinbase Ventures.

The funds will be used to hire new employees and support “companies, brands and builders” looking to develop projects on the Aptos blockchain, with the startup teasing that several projects DeFi, NFT, Web3, social media and payments have been joining the works.

Speaking to TechCrunch, Aptos declined to disclose a specific valuation but hinted that it’s “pretty good in unicorn territory” around $1 billion.

Along with the funding announcement, Aptos also launched a public development network with an open source codebase. The team told the publication that big names like Anchorage, Binance, and Coinbase have been providing guidance and contributing code to the development network. The notice states:

“At the end of Q2, there will be an incentivized testnet to help with network scaling and stress testing as it makes its way to the mainnet. We invite validators and other infrastructure providers to join our community now in anticipation of that. ”

Aptos expects Mainnet to launch by the end of the third quarter of this year, giving developers about six months to build projects before the network is publicly announced.

Related: Vale Diem: How Facebook’s Ambitious Stablecoin Project Ended

In a blog post late last month, Aptos emphasized that the focus of its blockchain is on “absolute security, scalable scalability, and trusted neutrality.” when you can implement your ideas without close supervision from regulatory authorities As in Diem’s ​​case:

“Since leaving Meta (formerly Facebook), we have been able to put our ideas to work, remove red tape and build a whole new network from scratch to bring them to life. real.”

“Aptos is using Move, the secure and reliable language originally developed for Diem. The ideas we conceived then are still relevant and will be an important foundation for a secure, scalable, upgradable Web3. Our permission and permissionless access plans are progressing rapidly and will be in open development,” the post added.