When Facebook killed its Diem blockchain project, two engineers took the technology and started their own chain. Aptos raised $400 million before launch — one of the most well-funded crypto projects in history. The pitch: a blockchain that can process 160,000 transactions per second using Move, a programming language designed at one of the largest tech companies on earth. The timing was terrible — launching during a crypto winter with FTX collapsing in the background. But the technology is real, the team is credentialed, and the enterprise partnerships (Microsoft, Google Cloud) suggest this is not just another ghost chain. Aptos is betting that the next wave of blockchain adoption comes from institutions, not crypto-native degens.
Founded
2022
HQ
Palo Alto, California
Total Raised
$400 million
Founder
Mo Shaikh, Avery Ching
Status
Decentralized protocol (APT token on major exchanges)
Website
aptoslabs.comTHE ORIGIN STORY
Mo Shaikh and Avery Ching both worked at Meta on the Diem (Libra) blockchain project — Facebook's ambitious and ultimately failed attempt to create a global currency. When Meta killed Diem in early 2022, Shaikh and Ching took the technology (the Move programming language and key innovations) and launched Aptos.
They raised $200 million before even having a live product — entirely on the reputation of the team and the technology. Aptos mainnet launched in October 2022.
WHAT THEY ACTUALLY DO
Aptos is a Layer 1 blockchain designed for speed and reliability, built using Move — a programming language originally developed at Meta (Facebook) for the abandoned Diem (Libra) stablecoin project. The chain can theoretically process 160,000 transactions per second.
Revenue comes from transaction fees, though like most L1s, the real value accrues to the APT token and ecosystem growth. Aptos has focused on attracting institutional and enterprise use cases alongside DeFi.
THE PRODUCTS
Aptos Blockchain (Layer 1), Move (programming language), Aptos Connect (wallet), Aptos Keyless (account abstraction), Aptos Digital Asset Standard
HOW THEY GREW
Win enterprise and institutional adoption. Aptos has partnered with Microsoft, Google Cloud, and financial institutions exploring blockchain technology.
The strategy: while other L1s chase DeFi degens, Aptos positions itself as the "enterprise-grade" blockchain. The Move language offers security advantages (formal verification, resource-oriented programming) that appeal to institutions managing real money.
THE HARD PART
Launching during a crypto winter. Aptos debuted in October 2022, months after Terra/Luna collapsed and FTX was about to implode.
Developer and user adoption has been slower than hoped. The blockchain space is crowded with L1 competitors (Solana, Sui, Avalanche, Near).
Aptos needs to differentiate on more than just transaction speed — it needs killer applications that people actually use.
MONEY TRAIL
Series A
2022 · Led by
$200M raised
Series B
2022 · Led by
$150M raised
Mainnet Launch
2022 · Led by
$0 raised
WHO BACKED THEM
a16z Crypto, Tiger Global, FTX Ventures (pre-collapse), Multicoin Capital, PayPal Ventures, Jump Crypto
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