Aptos Labs Explained

Aptos Labs
Type:Private
Industry:Blockchain, Cryptocurrency, Web3
Location:Palo Alto, California, U.S.
Founder:Avery Ching, Mo Shaikh

Aptos Labs is a blockchain technology company headquartered in Palo Alto, California, known for developing the Aptos blockchain, a Layer-1 blockchain in the Web3 space. It was founded in 2021 by Mo Shaikh and Avery Ching, former employees of Facebook.

History

Aptos Labs was founded in 2021 following the dissolution of Meta's Diem project, an attempt by the social media company to develop a stablecoin and blockchain ecosystem.[1] [2] Mo Shaikh and Avery Ching, who worked on Diem, leveraged their experience to create Aptos Labs.[3] [4] The Aptos blockchain, which uses the Move programming language, was designed to address limitations in scalability and efficiency that exist in other blockchain technologies.[5] [6]

Since its founding, Aptos Labs has secured funding from various investors.[7] The company raised approximately $400 million in multiple funding rounds, with backing from notable venture capital firms such as Andreessen Horowitz, Apollo Global Management, and Franklin Templeton.[8]

The company has partnered with Microsoft to explore the integration of blockchain technology with AI and data services.[9] [10] [11] In addition, Google Cloud has collaborated with Aptos Labs to provide infrastructure support and run a validator on the Aptos network.[12] The company has also worked with NBC Universal to create blockchain-based digital experiences.[13] [14] [15]

In February 2023, Aptos Labs made an equity investment in the short-video social media app Chingari.[16] [17] [18]

Aptos Labs is one of 11 firms selected to participate in the second phase of Hong Kong's e-HKD pilot program, an initiative led by the Hong Kong Monetary Authority (HKMA) to explore the feasibility of central bank digital currencies and tokenized deposits.[19] [20] Aptos Labs along with Boston Consulting Group and Hang Seng Bank, will test the commercial value of settling a tokenized fund using digital money on a public blockchain.[21]

In October 2024, Aptos Labs has expanded into the Japanese blockchain market through the acquisition of HashPalette Inc., the developer of Palette Chain.[22] [23] In November, Aptos Labs led a $10 million funding round for the decentralized gaming network KGeN, bringing the network's valuation to $500 million.[24] [25]

Notes and References

  1. Web site: Singh . Lucas Matney, Manish . 2022-03-15 . Ex-Meta employees raise $200M from a16z, Tiger, Multicoin to realize Facebook's crypto dreams . 2024-11-25 . TechCrunch . en-US.
  2. Web site: Sraders . Anne . Aptos Labs is aiming to give Meta’s crypto project Diem a second life—if a crypto winter and a $1 billion lawsuit against the CEO don’t get in the way . 2024-11-25 . Fortune . en.
  3. Web site: Aptos Labs and India’s pioneering gaming force STAN launch esports platform enabling India’s 500m gamers to engage with favorite players . 2024-11-25 . India Today Gaming . en.
  4. Web site: Takahashi . Dean . 2023-11-20 . Readygg partners with Aptos Labs to bring more players to Web3 games . 2024-11-25 . VentureBeat . en-US.
  5. Web site: Launched by Former Meta Employees, Aptos Labs Raises $150M for Diem Blockchain Built In San Francisco . 2024-11-25 . Built In . en.
  6. Web site: Weiss . Ben . Microsoft partners with Aptos Labs to build A.I. tools that help banks explore blockchain integrations on Azure . 2024-11-25 . Fortune Crypto . en.
  7. News: 2022-09-15 . Binance Labs Boosts Investment in Blockchain Startup Aptos . 2024-11-25 . Bloomberg.com . en.
  8. News: 2022-07-25 . Ex-Meta Staffers Raise $150 Million for New Crypto Venture . 2024-11-25 . Bloomberg.com . en.
  9. Web site: Melinek . Jacquelyn . 2023-08-09 . Microsoft partners with Aptos blockchain to marry AI and web3 . 2024-11-25 . TechCrunch . en-US.
  10. Web site: 2024-04-18 . Aptos Labs collaborates with Microsoft, SK Telecom on institutional blockchain platform . 2024-11-25 . SiliconANGLE . en-US.
  11. Web site: 2023-08-10 . Microsoft, Aptos Labs Partner to Unite Web3, AI: Details . 2024-11-25 . Gadgets 360 . en.
  12. Web site: Takahashi . Dean . 2024-03-15 . Aptos Labs and Google Cloud team up to elevate Web3 experiences . 2024-11-25 . VentureBeat . en-US.
  13. Web site: Weiss . Ben . NBCUniversal and Aptos Labs team up on Web3 game for Nicolas Cage's 'Renfield' . 2024-11-25 . Fortune Crypto . en.
  14. Web site: NBCUniversal 将通过长期协议继续在 Aptos 上构建 - 深潮TechFlow . 2024-11-25 . TechFlow.
  15. Web site: 5 Aug 2024 . Aptos Labs: Accelerating the Future of Web3 .
  16. News: 9 Feb 2023 . Aptos Labs makes equity investment in Chingari social media app .
  17. Web site: Aptos Labs makes equity investment in Chingari . 2024-11-25 . The Week . en.
  18. News: 2023-02-09 . Aptos Labs makes equity investment in Chingari . 2024-11-25 . The Times of India . 0971-8257.
  19. Web site: 2024-09-23 . Hong Kong to explore 11 use cases in phase 2 of e-HKD pilot . 2024-11-25 . South China Morning Post . en.
  20. Web site: Authority . Hong Kong Monetary . Hong Kong Monetary Authority - Central Bank Digital Currency (CBDC) . 2024-11-25 . Hong Kong Monetary Authority . en.
  21. Web site: Pilot e-HKD program entering 2nd phase . 2024-11-25 . chinadailyhk . en.
  22. Web site: Mehta . Shiv . Aptos Labs Expands in Japan & Hong Kong: Web3 Blockchain Moves . 2024-11-25 . www.insightlabs.com.au . en.
  23. Web site: McCall . Isaiah . 2024-10-07 . Franklin Templeton Expands into Aptos Crypto: How Will This Impact APT Price? . 2024-11-25 . International Business Times . en-US.
  24. News: SN . Vikas . 20 November 2024 . Decentralised gamer network KGeN bags $10 mn funding led by Aptos Labs; valuation jumps to $500 mn .
  25. News: 2024-11-21 . Web3 gaming startup Kratos Gamer Network raises fresh funds; valuation jumps to $500 million . 2024-11-25 . The Economic Times . 0013-0389.

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