Former Meta staff have created a $1bn crypto start-up from the ashes of Diem, the scrapped stablecoin project shut down earlier this year.
Start-up Aptos has raised $200m in a funding round led by Andreesseen Horowitz with participation from FTX Ventures, Tiger Global, Coinbase and Paxos. Aptos, which is just four months old, builds on the technology developed by the original creators, researchers, designers, and builders of Meta’s Diem project.
In addition to yesterday’s funding announcement Aptos said has taken “a major step forward” with the launch of a public Devnet, a network where developers can contribute code and build applications using an updated version of the Diem blockchain.
“Aptos is for people who want to build software that touches billions of other people,” wrote Aptos co-founder and chief executive Mo Shaikh,
“Over the past months we’ve talked with hundreds of developers, brands, and companies about their projects; there’s a lot to be excited about. They’re building next-gen social media platforms, rich NFT experiences, Web3 games, creator-first media and entertainment businesses, cheap and secure payments, DeFi-integrated fintech products, and so much more,” Shaikh added.
According to Shaikh companies including Binance, Coinbase, Paxos and Rarible are already contributing code on the Aptos Devnet.
The launch of the crypto startup comes after Meta announced the sale of Diem assets to California-based Silvergate Capital in January.
Meta, the company formerly known as Facebook, first unveiled plans for Diem, previously called Libra, in June 2019, as part of an effort to expand into the crypto space with the launch of a digital currency.
The project faced staunch opposition from policymakers globally amid concerns it could erode the control of central banks over the money system, enable crime, and raise privacy concerns. Finally, in January 2022 Facebook’s digital currency venture Diem announced plans to wind down operations and sell off tech to California-based Silvergate Capital.