Aptos Labs launches its blockchain – Binance and Coinbase hurry to list APT

YEREVAN (CoinChapter.com) – Web3-oriented company Aptos Labs launched its Mainnet on Oct 17 after raising $200 million in Q1 2022, led by ex-Meta employees who departed the company in December. Despite the launch, however, the ecosystem is not complete. Several dApps, such as wallets, trading venues, and NFTs, remain pending.

Aptos introduced its whitepaper in August, and the blockchain completed its “genesis transaction” on Oct 12. but some developers called the mainnet rollout “rushed.”

The Aptos vision is to deliver a blockchain that can bring mainstream adoption to Web3 and empower an ecosystem of decentralized applications to solve real-world user problems.

claims the document.

However, it is not clear yet, if Aptos is up to the challenge of justifying the substantial inflows during the funding rounds.

Aptos funding sets high expectations

As mentioned, the company made headlines in March after attaining $200 million in seed funding. Venture capitals such as 16z, Tiger Global, Multicoin Capital, FTX Ventures, and others led the round.

Moreover, in July 2022, Aptos closed the Series A funding round with $150 million in its pocket from big players like FTX Ventures, Binance Labs, and Coinbase Ventures, followed by PayPal.

The Series B funding quadrupled Aptos’ valuation in the course of six months, hiking it up to $2 billion. Meanwhile, living up to the heightened investor expectations is not trivial.

Meanwhile, Aptos completed the initial coin offering (ICO) of its in-house token APT on Oct 17.

APT Token listed on Coinbase and Binance

The APT token traded at $0.01 ahead of Tuesday’s New York session after tumbling over 97% of its initial peak at $0.4.

However, the token’s prospects didn’t look grim, given two significant listings on the day of release, albeit from funding series investors. Binance announced spot trading would open for APT/BTC, APT/BUSD, and APT/USDT pairs on Oct 20 at 01:00 UTC.

The exchange also added that users could start depositing APT coins onto their accounts, and the withdrawal time (same as trading) is an “estimated time for users’ reference. Users can view the actual status of withdrawals on the withdrawal page.”

Coinbase joined the bandwagon the same day, announcing its “support for Aptos (APT) on the Aptos network.” Unlike Binance, Coinbase will initiate APT trading paired with the US dollar.

Trading will begin if and when liquidity conditions are met. Once sufficient supply of this asset is established we will announce the impending launch of trading on our APT-USD pair in phases.

commented Coinbase.

Also read: Rising energy costs put Bitcoin miners at risk of Nasdaq delisting.

The platform also warned the traders not to send APT tokens “over other networks.” Otherwise, the funds may be lost. “Inbound transfers for this asset are available on Coinbase and CoinbaseExch in the regions where trading is supported,” added the exchange.

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