Tier 1 blockchain developer Aptos Labs has closed a $150 million funding round to pursue its ambitions in the Web3 space, further highlighting venture capital’s appetite for crypto-focused startups.

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The funding round was jointly led by venture capital firms FTX Ventures and Jump Crypto, with additional participation from Andreessen Horowitz, Apollo, Franklin Templeton and Circle Ventures. According to Bloomberg, funding exceeds doubled the startup’s valuation, which as of March was over $1 billion.

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Aptos was launched by former Meta employees Mo Sheikh and Avery Ching. The founders also played a role in promoting Mark Zuckerberg’s failed Diem project. As Cryptooshala reported, the Diem Association and its subsidiaries wound up operations in February of this year, and Meta moved to sell the intellectual property and other assets of the project.

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According to Bloomberg, the Aptos blockchain uses a Diem programming language called Move, which reportedly makes transactions cheaper and more efficient. Mysten Labs, another blockchain project born from the ashes of Diem, also uses the Move programming language. Mysten Labs closed a $36M funding round in December 2021.

VC Roundup: ‘Web5’, Metaverse Sports Startups, and Bitcoin Monetization Cause Buzz

Although the so-called crypto winter has arrived, venture capital continues to make strategic investments in blockchain and the crypto industry. VC firms invested $14.67 billion in the sector in the second quarter, largely in line with first-quarter commitments, according to Cryptooshala Research. Web3, a broad concept describing the next iteration of the blockchain-based internet, has generated the most interest.