Upon the mainnet launch of Aptos Labs, Anchorage Digital, a cryptocurrency custody company, will be designated as the company’s preferred institutional custodian.
The layer 1 blockchain will be supported by Anchorage, the first federally regulated cryptocurrency bank in the United States, by enabling organisations to build on Aptos, including through non-fungible tokens (NFTs), decentralised finance (DeFi), social media, and other Web3 projects.
Aptos Labs, which secured a July Series A funding round worth $150 million, is formed by ex-employees of Facebook’s parent company Meta.
One week prior, Aptos announced that the cross-chain bridge Wormhole would be available on the blockchain after it goes live. Although no official date has been revealed, Aptos’ mainnet is planned to be launched later this year.
Large institutions has been growing their services in the industry despite the crypto market undergoing a downtrend. Diogo Monica, president and co-founder of Anchorage, said that “on Anchorage’s side, we always continue expanding our services.”
The collaboration may lead to a rise in the institutional use of digital assets with an indication of significant names in the crypto industry forming the partnership.
The team has previously worked together as Monica and other Anchorage Digital members were early participants of Steering Committee of Diem, which was Apto’s old stablecoin project under Meta.
Monica added: “By partnering with Aptos, we’re actually helping make sure that the next generation of layer 1 blockchains are taking these proper security considerations and that will only spur future growth in the industry.”
“Anchorage has been our partner since Day Zero, helping us make the technical and security considerations to make our launch a strong start and prioritize future growth with user experience as a core focus,” said Aptos’ CEO and co-founder, Mo Shaik.
According to Monica, clients have been seeking layer 1 blockchain that provides Aptos’ security during this period of market turbulence. The blockchain project will make use of Move for its purposely designed “proofs”-based contract programming language.
Users can inspect and look at the code using Move, and they can run it through proofs that support the smart contract’s purposes.
