Next-Gen Crypto Powerhouse Emerges From META’s “Stablecoin Wreckage”?

A next-gen crypto powerhouse has emerged from Meta’s stablecoin wreckage. Their goal is to deliver the safest, fastest, most reliable foundation for cheap crypto transactions on a global scale daily. In less than one year, they’ve raised $350 million in venture capital at a $2.3 billion valuation. Now, with the experience of the team and lots of VC money in the bag, this startup could become a significant player in the crypto space.

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META’s stablecoin wreckage may have created the next crypto powerhouse.

You probably remember Meta’s embattled cryptocurrency project (Diem). It was Zuckerberg’s attempt to build a stablecoin that could facilitate transactions across all Meta platforms – including Facebook, WhatsApp, and Instagram.
It was a promising project, but once U.S. regulators realized the implications of Meta having a global reserve currency, the Federal Reserve “dealt the effort a fatal blow” by putting pressure on Silvergate Capital, the crypto banking partner Diem was working with last year to launch the token. As a result, META was forced to sell off Diem and all its assets to an investment bank early this year.

But around the same period, most of the key software engineers behind the Diem project rallied to form a new company called Aptos Labs. Aptos is working on a layer one (L1) blockchain and focuses on delivering the safest, fastest, most reliable foundation for cheap daily crypto transactions on a global scale.

Aptos wasted no time raising $200 million in venture capital (VC) at a $1 billion valuation. And recently, the crypto startup completed another $150 million VC round at a $2.3 billion valuation. That’s $350 million raised in less than a year —pretty remarkable. And with the experience of the team and all that VC money coming in, Aptos Labs could soon become a big player in the crypto space.