Aptos Labs, a team that's bringing Facebook’s star-crossed Diem blockchain to life, told CoinDesk that PayPal Ventures was one of the investors in a $200 million funding round confirmed in March. The investment was PayPal Ventures’ first in a base layer project.
“We believe in the work that the Aptos Labs team is doing to build a safe and scalable layer 1 blockchain,” PayPal Ventures investment partner Amman Bhasin said in a statement. “With the promise of improved reliability and security, faster transactions and lower fees, the Aptos blockchain is designed in a way that makes it both conducive to building new rails and compelling to corporate clients and crypto-native developers.”
Notably, PayPal (PYPL) was involved in the initial launch of Libra, committing at least $10 million to become a member of the Libra Consortium. The company quickly pulled out following backlash on Capitol Hill.
The Aptos funding round was led by Andreessen Horowitz (a16z) with participation from...
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