2 months after the investment, it is known that PayPal Ventures invested in Aptos Labs team, which revives Blockchain from Diem.
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- Paypal invested in Aptos Labs in March
- The financing round raised USD $200 million
- Aptos is made up of the original creators of Diem
Diem was the second attempt to Facebook (now Meta) for launching a cryptocurrency, renaming the original project following the many legal impediments around the world to the launch of the Libra . However, it should be recalled that in February of this year, the Diem Association the organization behind the project that was previously called Libra Association confirmed recent rumors of the sale of assets and intellectual property, and left the project behind again.
Pero Diem had its mourners, especially the team that created this Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. who is now united in one company: Aptos Labs, willing to revive the blockchain. And it has great allies.
Aptos and PayPal
In this way , Aptos Labs, the team that is bringing the blockchain to life Diem, told CoinDesk que PayPal Ventures was one of the investors in a $200 million funding round confirmed in March of this year. The investment was the first of PayPal Ventures in a base layer project, ensures Coindesk.
“We believe in the work the Aptos Labs team is doing to build a secure and scalable Layer 1 blockchain.” said the investment partner of PayPal Ventures Amman Bhasin, in a statement shared with the media. “ With the promise of greater reliability and security, faster transactions and lower fees, the Aptos blockchain is designed in a way that makes it conducive to building new rails and attractive to corporate clients and native cryptocurrency cryptocurrencies are digital currencies that use cryptographic technologies to secure their operation. developers.”
The financing round of Apt was directed byAndreessen Horowitz (a16z) with the participation of Multicoin Capital, Katie Haun, Three Arrows Capital, ParaFi Capital capital is most commonly defined as the large sum of money you would use to invest. y Coinbase is an American company that operates a cryptocurrency exchange platform. Ventures, among others. The participation of PayPal Ventures was not disclosed in the initial announcement.
As we said, the team of Apt is made up of the original creators, researchers, designers and builders of the blockchain. Diem, whose closure was confirmed in February. Meta confirmed the closure of Diem and sold the technology and other assets to Silvergate Bank . However, much of the work done by the teams affiliated with Diem was put under open source licenses which means that intellectual property is fair game. Apt is led by Avery Ching and Mo Shaikh. Ching co-created the consensus consensus is achieved when all participants of the network agree on the order and content of the blocks in the blockchain. protocol the set of rules that define interactions on a network, usually involving consensus, transaction validation, and network participation on a blockchain. DiemBFT deDiem blockchain, que Apt you are using.
The Aptos developer test network a network refers to all nodes in the operation of a blockchain at any given moment in time. was launched two months ago. The firm expects to launch the main network during the third quarter of the year, i.e. by the end of June at the latest.
PayPal y Libra
It should be remembered that this investment has a history: PayPal was involved in the initial launch of Libra, committing at least USD$10 million to become a member of the Consortium of Libra . The company was quickly withdrawn in October 2019 after the backlash in the U.S. Congress.
Sources: Coindesk , Apt, archivo
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