Binance Labs has concluded its strategic follow-on investment in Aptos Labs. The funds will be directed towards developing a scalable and upgradable layer-1 blockchain. Binance Labs has further strengthened its commitment to infrastructure building by investing in Aptos Labs during a recently held fundraising round.
This follows the first fundraising round that was announced in March 2022.
Binance, mainly known for crypto trading services, was founded in 2017 with BNB as its native token to govern internal economics. Binance Labs is its investment arm that has supported 200+ projects since 2018.
Binance Labs is one of the key components of the Binance venture. According to Binance reviews, other key offerings of the platform are eWallet, Mobile Trading, Trading Account, Customer Support, and Analytical Charts.
Users registered on the platform get access to a wide range of research material containing information about the trading world. They can additionally connect with trading experts to formulate their strategies for the long & short term, depending on what kind of portfolio they have built or are looking to build.
Aptos Labs looks forward to expanding its team and supporting the development of layer-1 infrastructure through the funds raised. Moreover, Aptos Labs will build ecosystem initiatives and tools to help the community grow.
Yi He, the Head of Binance Labs, expressed excitement on behalf of the team and said that the venture was working closely with the team behind Aptos. Yi He added that Binance believes that Aptos’s technological advancement can bring increased scalability to the blockchain infrastructure.
Despite being a key element in powering blockchain advancement, infrastructure building has always remained at the bottleneck. This could change as soon as Aptos Labs begins delivering its commitment.
Mo Shaikh, the Chief Executive Officer of Aptos, highlighted the company’s goal by stating that it aims to deliver the most performant and production-ready blockchain through a flexible and modular architecture. While acknowledging Aptos’s support continuously from Binance, Mo Shaikh added that it helps them empower their ecosystem and solve existing challenges for the customers by creating next-generation applications.
Danny F, the Investment Director at Binance Labs, said that the blockchain sector faces drawbacks regarding infrastructure as it is the key component to enable Web3 developers to deploy their applications on the network. Aptos may, however, bring innovations in transaction processing, assets security, & system performance, to mention a few points, and help improve the said drawback.
Aptos has been built with user safety and experience with utmost priority. It is a layer-1 blockchain in the next-generation category founded by a team of successful researchers, creators, builders, and designers. The team behind Aptos considers its commitment to providing fair and unfettered access to decentralized solutions.
As Binance Labs concludes its strategic funding in Aptos Labs, all the attention is on the latter to break much-awaited news to the community soon.