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Diem Developers Set To Launch A New Blockchain After Raising $200 Million

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Former employees of the defunct Diem (or Meta) platform have secured $200 million from venture capital firms to launch their version of the Diem project.

After Meta aborted its mission of launching a digital currency last year, it decided to sell its remaining assets to Silvergate Capital for $182 billion. However, the team behind the failed Diem project announced that they are working on a new blockchain project called Aptos. It seems the team has already made headway with the project, after securing huge funds to make the launch of the project possible.

The startup secured funding from several top investment firms led by Andreessen Horowitz with participation from Three Arrows Capital, Multicoin Capital, Tiger Global, Coinbase Ventures, FTX Ventures, and other participants.

The New Project Will Be Build From Scratch

The Aptos team is quick to stress that the new project will be built from scratch. The team said none of the Diem intellectual property that Silvergate owns will be utilized because they have. As a layer-1 blockchain, Aptos will compete with Solana and Ethereum. The blockchain utilizes a coding language known as “Move”, which will is built to attract a large number of developers from other existing networks.

However, the Chief Executive Officer of Aptos, Mo Shaikh, stated that he still has a connection with the Ethereum community and his team will be part of it. He added that the aim of the network is not to necessarily compete with Ethereum but to become part of the ecosystem.

Aptos Roles Out Its Devnet

Aptos has announced the launch of its devnet, which will enable programmers to experiment and develop apps on the blockchain. The mainnet is expected to be launched in the third quarter of the year. The team also said several top crypto firms have already indicated interest. These include Paxos, Livepeer, Rarible, Coinbase, Binance, and Paymagic. The goal is to improve on the present blockchains, which are not as reliable as existing financial rails.

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