Econia Labs startup specializing in cryptocurrencies has placed its custom block on the Aptos network (APT), according to information from the company itself.
Earlier this year, Econia Labs raised $6.5 million in an initial round of funding with the support of the Dragonfly cryptocurrency venture fund. After successful test networks, the launch occurred on the main network. As indicated on the company's website, more than a thousand traders from 68 countries took part in the testing phase of the network.
Econia implements an atomic matching mechanism, using the accuracy of Aptos, to process transactions at the time of their execution, with an accuracy of fractions of a second.
The Econia Labs team aims to meet the needs of traders who want to avoid centralized exchanges such as Binance and Coinbase by providing a similar experience without the use of custodial services, using blockchain technology.
According to the company's blog post, thanks to Aptos' optimistic concurrency model, Econia is able to process transactions in multiple markets simultaneously, finally confirming them in less than a second.
Aptos is a level 1 blockchain created by former Meta employees. The main developer of the blockchain, Aptos Labs, also invested in the seed round of Econia Labs. Other sponsors of Econia Labs include Wintermute and Lightspeed.
