Former Meta execs raise $300M to ‘accelerate adoption’ of Sui blockchain
Mysten Labs, the corporate behind the yet-to-launch layer-1 blockchain Sui, has raised $300 million geared toward constructing core infrastructure and accelerating the adoption of its Sui blockchain ecosystem.
The blockchain firm, which was based by former executives of social media large Meta in 2021, mentioned in a Thursday announcement that it landed $300 million in a Sequence B funding spherical led by crypto change enterprise arm FTX Ventures.
: Right now, we’re excited to announce our $300M Sequence B funding spherical. This milestone alerts the technical power & immense potential of our Sui ecosystem. #Suinami 1/ pic.twitter.com/wQ8WH1egyY
— Sui by Mysten Labs (@Mysten_Labs) September 8, 2022
Different Sequence B traders included Coinbase Ventures, Leap Crypto, Andreessen Horowitz’s a16z, Circle Ventures, Binance Labs and O’Leary Ventures, amongst different funding funds and companions, with the brand new capital valuing the corporate at over $2 billion.
Along with fairness, traders will obtain warrants for native tokens to be traded on the long run blockchain.
Mysten is the creator of the Sui blockchain, a proof-of-stake (PoS) layer-1 blockchain that makes use of a function referred to as “transaction parallelization” to attain excessive throughput, low latency transactions and low transaction charges, which can give current blockchains similar to Ethereum and Solana a run for its cash.
Mysten co-founder and CEO Evan Cheng mentioned the brand new funding can be used to construct its know-how, the corporate’s hiring efforts and growth to the Asia-Pacific area.
“This new funding will allow Mysten to proceed to scale Sui, and we’re grateful for the assist from blue-chip traders and strategic companions who’re aligned in our mission.”
Cheng prompt that present Web3 infrastructure “is within the dial-up period,” noting:
“It’s sluggish, costly, capability constrained, insecure, and easily arduous to construct for.”
The newest funding means that some enterprise capital traders stay unphased by the crypto bear market. A current report from Messari revealed that $30.3 billion in funds was invested by VC companies within the first six months of this yr, outpacing the complete fundraising yr in 2021.
Associated: VCs pour $14.2B into crypto in H1 2022, however investments now slowing
Final December, Mysten Labs raised $36 million Sequence A funding, led by a16z.
The corporate was based in September 2021 by former cryptographical program engineers behind Meta’s crypto-payments platform Diem and cell pockets Novi. Mysten Labs is led by CEO Evan Chang, chief know-how officer Sam Blackshear, chief product officer Adeniyi Abiodun and chief scientist George Danezis.
