Binance Labs boosts investment in blockchain startup Aptos

BINANCE Labs, the venture capital arm of the world’s biggest cryptocurrency exchange, is increasing its investment in Aptos Labs, a blockchain startup founded by former Meta Platforms employees who worked on the company’s failed Diem stablecoin project.

Binance Labs chose to add to its investment in Aptos in part because of the programming language the company is using to build its blockchain, according Yi He, co-founder of Binance and the head of Binance Labs. Called Move, the language was supposed to power the Diem blockchain, and “is different from BNB Chain and Solana and is more efficient and secure,” He said in an interview in Paris.

“It is an opportunity to build the future,” she said. Aptos declined to comment on the new funding.

Binance announced its first investment in Aptos Labs in March. The Palo Alto, California-based company had recently raised US$200 million at a more than US$1 billion valuation from investors that included Andreessen Horowitz, Multicoin Capital and disgraced crypto hedge fund Three Arrows Capital. Aptos then raised another US$150 million in July, more than doubling its valuation.

Binance Labs is unable to disclose the amount of this latest investment, but the market value for Aptos Labs is estimated to be more than US$4 billion, according to He. She said recent hacks and network outages show the importance of blockchain infrastructure, noting that the company has also invested in Polygon.

Mysten Labs, an Aptos rival, said last week that it had raised US$300 million at a more than US$2 billion valuation. The company was also founded by ex-Meta employees who worked on Diem and uses the Move language for its blockchain. BLOOMBERG