Binance Labs, the venture capital arm of the crypto giant, Binance, announced yesterday that the company has boosted its strategic investment in Aptos Labs, a technology-driven blockchain firm focused on user security.
Aptos Labs aims to utilize funds for infrastructure development. Additionally, the company is planning to expand its team through funding. In March 2022, Binance Labs announced the first round of investment in Aptos Labs.
Binance Labs noted that the company is committed to powering infrastructure building in the blockchain ecosystem.
Mo Shaikh, the CEO of Aptos, said: “Aptos is inherently designed to address today's key challenges around mainstream Web3 adoption. Our goal is to deliver the most performant production-ready blockchain through a flexible modular architecture designed for people-first usability and engineered to upgrade and evolve. The continued strategic support of the Binance Labs team helps us further empower our ecosystem to create next-generation applications that solve existing consumer challenges, and the challenges still to come.”
In January 2022, WOO network secured $12 million in its Series A funding round led by Binance Labs. During the same month, Nine Chronicles also received funding from Binance Labs.
Blockchain Ecosystem
The adoption of blockchain technology has jumped in the past few years. From finance to bilateral trade, companies around the world have started using blockchain technology in different sectors to boost transparency.
Yi He, the Co-Founder of Binance and Head of Binance Labs, said: "We’re excited to be working closely with the Aptos team. At Binance, we’ve always believed in the power of blockchain technology to benefit the masses, just like the Internet. However, infrastructure building remains a bottleneck within the industry. We believe that the technological competitiveness of the Aptos team could bring increased scalability to the blockchain infrastructure while also supporting novel use cases for Web3."
Earlier this year, Binance Labs announced an investment in Ultiverse.
