Mysten Labs Raised $300 Million For Sui Blockchain
Mysten Labs – Sui blockchain developer, has just closed a $300 million funding round led by FTX Ventures, raising the company’s valuation to $2 billion.
The blockchain company, which was founded by former executives of social media giant Meta in 2021 said in a September 8 announcement that it landed $300 million in a Series B funding round led by crypto exchange venture arm FTX Ventures.
Mysten Labs’ $300 million Series B round was led by FTX Ventures, the right arm of the FTX exchange founded by Sam Bankman-Fried. In addition, there were also the participation of Andreessen Horowitz (a16z – the organization that invested $36 million in Mysten in December 2021), Jump Crypto, Apollo, Binance Labs, Franklin Templeton, Coinbase Ventures, Circle Ventures, Lightspeed Venture Partners, Sino Global, Dentsu Ventures, Greenoaks Capital, O’Leary Ventures…
Accordingly, the startup revealed that it will use 300 million USD to further develop its technology, as well as attract users to the platform and serve the recruitment work, especially in the Asia-Pacific region.
“This new funding will enable Mysten to continue to scale Sui, and we are grateful for the support from blue-chip investors and strategic partners who are aligned in our mission.”Mysten co-founder and CEO Evan Cheng said
Sui is the debut product of Mysten Labs and was announced in March. Mysten Labs is a startup specializing in Web3 infrastructure, jointly founded by Evan Cheng, Sam Blackshear, Adeniyi Abiodun and George Danezis , four former engineers from Meta’s Novi (formerly Facebook) crypto wallet. They also worked on the Diem blockchain and the Move programming language.
Mysten hopes its innovations will provide Sui with the ability to scale throughput and storage to suit the needs of developers and applications, while keeping transaction costs significantly low for users.
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