Cryptocurrency exchange Binance announces cooperation with a blockchain startup by former Facebook employees

Representatives of the cryptocurrency exchange Binance have announced cooperation with a blockchain startup of former Facebook employees — the exchange is investing in Aptos Lab.

According to a post on the official Binance website, the funds will be used to create a secure and scalable blockchain, expand staff, and develop the project’s infrastructure. «We are confident that the technological competitiveness of the Aptos team will increase the scalability of the blockchain infrastructure and support new Web3 projects,» said Yi He, head of Binance Labs.

The launch of the new blockchain startup Aptos by former Facebook employees Avery Ching and Mo Shaik became known in early July. At that time, the co-founders emphasized that they were ready to cooperate with large tech companies and social networks to make the future blockchain known to as many people as possible and to make Aptos «used around the world.»

It is worth reminding that in 2021, Avery Ching and Moe Shaik worked on the Diem project, which was supposed to become a «world-class cryptocurrency exchange» — at that time, Diem was not approved by regulators, so Meta launched the Novi pilot crypto project. However, in early July this year, Meta representatives announced the closure of Novi. Starting July 21, users will lose the ability to add money to their Novi wallet accounts. The Novi WhatsApp account and the Novi smartphone app will also become unavailable.