Aptos, led by former Meta staffers, is attempting to resurrect Facebook’s dormant stablecoin, Diem. The team has raised a remarkable $200 million in a capital round only four months after founding the firm.
With the new funding, the company wants to grow its existing staff of 25 people and serve different firms, brands, and builders that want to develop their platform on Aptos. In addition, the platform’s open-source Devnet has been established.
Aptos isn’t the only platform hoping to bring the Diem Project back to life. In November of last year, 0L, a new layer 1 blockchain protocol, disclosed very ideas to stay as close to Diem’s core as possible.
Diem (previously Libra) was a stablecoin concept released in 2019 by Meta (formerly Facebook), a social networking behemoth. Despite several attempts, the project was canceled after failing to receive a favorable reaction from authorities.