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On March 28, Binance Lab, the venture capital arm of the major cryptocurrency exchange Binance, made a strategic investment in Aptos Labs, a blockchain startup.

Aptos Labs is a layer 1 blockchain project led by several former team members of Meta’s now-defunct stablecoin project Diem, founded in 2021. (formerly Libra). After failing to overcome regulatory roadblocks, the project was put on hold.

Aptos Labs received $200 million in its first fundraising round just four months after opening, prompting Binance’s interest in the business. Tiger Global, Multicoin Capital, Three Arrows Capital, Coinbase Ventures, FTX Ventures, Paxos, Hashed, ParaFi Capital, and Katie Haun were among the investors in the round Andreessen Horowitz led.

Binance intends to assist the fund throughout its development stages, including infrastructure development, hackathons, and code review, using the new money.

Aptos wants to compete with layer 1 blockchains like Ethereum (ETH), Terra (LUNA), and Solana (SOL) as a smart contract platform by using “Move,” which is based on the Rust computer language. The testnet has already gone live, and the mainnet is set to go live in the third quarter of 2022.

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