Aptos Labs, a layer 1 blockchain, is raising $150M in a Series A financing round led by Sam Bankman-Fried's FTX Ventures, the venture capital arm of crypto exchange FTX, according to a release dated Monday.The fundraise included new investments from Apollo Global (APO), Griffin Gaming Partners, Franklin Templeton (BEN) and Circle Ventures.Aptos' blockchain was designed to support a variety of verticals such as gaming, social networks, finance and entertainment within the web3 ecosystem.The funding will be used to develop "the reliable foundation web3 has been waiting for," Aptos said. We are working with our strategic partners to identify consumer needs, and address them by shipping the most performant and upgradable blockchain technology."Note that blockchain-based web3 was designed as a decentralized version of the internet.The company's funding round is a testament to institution's continued interest in the emerging space despite a broad market downturn. Still, crypto venture capital funding fell 26% in the first half of 2022Last week, (July 20) FTX reportedly looked to raise fresh funds after rescuing troubled crypto firms.
