Mysten Labs, the company behind layer 1 blockchain Sui, has raised $300 million to build basic infrastructure and accelerate adoption of its blockchain ecosystem.
The blockchain company, which was founded by former executives of social media giant Meta in 2021, said in an announcement on Sept. 8 that raised $300 million in a Series B funding round led by crypto exchange venture wing; FTX Ventures.
— Sui by Mysten Labs (@Mysten_Labs) September 8, 2022
Today we are pleased to announce our $300 million Series B funding round. This milestone indicates the technical strength and immense potential of our Sui ecosystem.
Other investors in the funding round included Coinbase Ventures, Jump Crypto, Andreessen Horowitz’s a16z, Circle Ventures, Binance Labs and O’Leary Ventures, among other investment funds and partners, and the new capital values the company at more than $2 billion.
In addition to capital, investors will receive collateral for native tokens to be launched on the future blockchain.
Mysten is the creator of the Sui blockchain, a proof-of-stake layer 1 blockchain that uses a feature called “transaction parallelization” to achieve high throughput, low latency transactions, and low transaction fees, which can give existing blockchains like Ethereum and Solana a new market competitor.
The co-founder and CEO of Mysten, Evan Chen, It said the new funding would be used to develop its technology, the company’s recruitment efforts and expansion into the Asia-Pacific region.
“This new funding will allow Mysten to continue to scale Sui, and we are grateful for the support of blue chip investors and strategic partners who are aligned on our mission.”
Cheng suggested that the current Web 3.0 infrastructure “is in the dial-up era”, noting:
“It’s slow, expensive, limited in capacity, insecure and just plain hard to build.”
The latest funding suggests that some venture capitalists remain undeterred by the crypto bear market. A recent report by Messari revealed that venture capital firms poured $30.3 billion in funding in the first six months of this year, surpassing the entire fundraising year in 2021.
The last December, Mysten Labs raised $36 million in Series A funding, led by a16z.
The company was founded in September 2021 by former crypto software engineers behind Meta’s Diem crypto payment platform and Novi mobile wallet. Mysten Labs is led by the CEO, Evan Cheng, the CTO, Sam Blackshear, the CPO, Adeniyi Abiodun and the chief scientist, George Danezis.
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