Ex-Meta employees are working to realize Facebook’s failed crypto dreams 😮; All crypto eyes are on LatAm right now 👀; FinTech in Japan is underrated 🇯🇵

Good Morning FinTech, March 18

Good day Everyone,

And happy Friday! You made it, congrats 🥳 But don’t go chillin’ just yet as these 3 FinTech stories are arguably the best ones this week. Enjoy:

Ex-Meta employees are working to realize Facebook’s failed crypto dreams 😮

The news 🗞 Aptos Labs, a startup built by employees who developed the blockchain behind Meta’s now-defunct payment system Diem, claim to have a sum of $200M in strategic funding led by Andreessen Horowitz aka a16z. Coinbase Ventures, FTX Ventures, Tiger Global, Multicoin Capital, among others.

The layer-1 blockchain protocol was announced back in late February and looks to continue the work that was being done as part of the Diem project.

The USP 🥊 The Aptos blockchain will be a so-called Layer 1 system, meaning it will not be designed to sit on top of existing blockchains like Ethereum or Solana and will instead build out its own decentralized network, as per TechCrunch.

Ultimately, Aptos is aiming to build a more scalable blockchain with faster transactions and lower fees than today’s mainstream networks allow. The founders’ hope is that they can design a network that is more reliable and predictable for large clients interested in embracing the blockchain.

That might be a compelling proposition to start with as companies, including Anchorage, Binance, Coinbase, Livepeer, Moonclave, Paxos, Paymagic, Rarible, and Streaming Fast, are already engaging with the startup, providing feedback and contributing code on devnet.

So, will Facebook’s crypto dreams be realized in different clothing? It’s not only that… Here’s the takeaway: