Aptos Labs

Last updated
Aptos Labs
Company type Private
IndustryBlockchain, Cryptocurrency, Web3
Founded2021;3 years ago (2021)
FounderAvery Ching, Mo Shaikh
Headquarters Palo Alto, California, U.S.
Website Official website

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. [5] [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. [4] [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 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]

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References

  1. ↑ Singh, Lucas Matney, Manish (2022-03-15). "Ex-Meta employees raise $200M from a16z, Tiger, Multicoin to realize Facebook's crypto dreams". TechCrunch. Retrieved 2024-11-25.{{cite web}}: CS1 maint: multiple names: authors list (link)
  2. ↑ 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". Fortune. Retrieved 2024-11-25.
  3. ↑ "Aptos Labs and India's pioneering gaming force STAN launch esports platform enabling India's 500m gamers to engage with favorite players". India Today Gaming. Retrieved 2024-11-25.
  4. 1 2 Takahashi, Dean (2023-11-20). "Readygg partners with Aptos Labs to bring more players to Web3 games". VentureBeat. Retrieved 2024-11-25.
  5. 1 2 "Launched by Former Meta Employees, Aptos Labs Raises $150M for Diem Blockchain | Built In San Francisco". Built In. Retrieved 2024-11-25.
  6. ↑ Weiss, Ben. "Microsoft partners with Aptos Labs to build A.I. tools that help banks explore blockchain integrations on Azure". Fortune Crypto. Retrieved 2024-11-25.
  7. ↑ "Binance Labs Boosts Investment in Blockchain Startup Aptos". Bloomberg.com. 2022-09-15. Retrieved 2024-11-25.
  8. ↑ "Ex-Meta Staffers Raise $150 Million for New Crypto Venture". Bloomberg.com. 2022-07-25. Retrieved 2024-11-25.
  9. ↑ Melinek, Jacquelyn (2023-08-09). "Microsoft partners with Aptos blockchain to marry AI and web3". TechCrunch. Retrieved 2024-11-25.
  10. ↑ "Aptos Labs collaborates with Microsoft, SK Telecom on institutional blockchain platform". SiliconANGLE. 2024-04-18. Retrieved 2024-11-25.
  11. ↑ "Microsoft, Aptos Labs Partner to Unite Web3, AI: Details". Gadgets 360. 2023-08-10. Retrieved 2024-11-25.
  12. ↑ Takahashi, Dean (2024-03-15). "Aptos Labs and Google Cloud team up to elevate Web3 experiences". VentureBeat. Retrieved 2024-11-25.
  13. ↑ Weiss, Ben. "NBCUniversal and Aptos Labs team up on Web3 game for Nicolas Cage's 'Renfield'". Fortune Crypto. Retrieved 2024-11-25.
  14. ↑ "NBCUniversal 将通过长期协议继续在 Aptos 上构建 - 深潮TechFlow". TechFlow. Retrieved 2024-11-25.
  15. ↑ "Aptos Labs: Accelerating the Future of Web3". 5 Aug 2024.
  16. ↑ "Aptos Labs makes equity investment in Chingari social media app". 9 Feb 2023.
  17. ↑ "Aptos Labs makes equity investment in Chingari". The Week. Retrieved 2024-11-25.
  18. ↑ "Aptos Labs makes equity investment in Chingari". The Times of India. 2023-02-09. ISSN   0971-8257 . Retrieved 2024-11-25.
  19. ↑ "Hong Kong to explore 11 use cases in phase 2 of e-HKD pilot". South China Morning Post. 2024-09-23. Retrieved 2024-11-25.
  20. ↑ Authority, Hong Kong Monetary. "Hong Kong Monetary Authority - Central Bank Digital Currency (CBDC)". Hong Kong Monetary Authority. Retrieved 2024-11-25.
  21. ↑ "Pilot e-HKD program entering 2nd phase". chinadailyhk. Retrieved 2024-11-25.
  22. ↑ Mehta, Shiv. "Aptos Labs Expands in Japan & Hong Kong: Web3 Blockchain Moves". www.insightlabs.com.au. Retrieved 2024-11-25.
  23. ↑ McCall, Isaiah (2024-10-07). "Franklin Templeton Expands into Aptos Crypto: How Will This Impact APT Price?". International Business Times. Retrieved 2024-11-25.
  24. ↑ SN, Vikas (20 November 2024). "Decentralised gamer network KGeN bags $10 mn funding led by Aptos Labs; valuation jumps to $500 mn".
  25. ↑ "Web3 gaming startup Kratos Gamer Network raises fresh funds; valuation jumps to $500 million". The Economic Times. 2024-11-21. ISSN   0013-0389 . Retrieved 2024-11-25.
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