Mysten Labs raises $ 36 million for the development of the Web 3.0 infrastructure

Mysten Labs, the research and development company founded by former engineers at social media giant Facebook, has announced the completion of a $ 36 million financing round to develop the underlying platform, the Web 3.0 infrastructure, aims.

In one notification On Medium, the Mysten Labs team says the company raised $ 36 million in a Series A funding round led by Andreessen Horowitz. Also involved are Redpoint, Lightspeed, Coinbase Ventures, Electric Capital, Standard Crypto, NFX, Slow Ventures, Scribble Ventures, Samsung NEXT and others.

CEO Evan Cheng said Mysten will use the money to build the necessary infrastructure for companies focused on cryptocurrency and distributed blockchain technology.

“We believe that fundamental restrictions in the current crypto infrastructure are hindering a broader introduction of Web 3.0,” said the Mysten team and also cited the scalability of existing chains, such as the lack of interoperability of many smart contracts.

In addition to developing the Web 3.0 infrastructure, Mysten Labs plans to launch a “Next Generation NFT Platform for Metaverse” in 2022. The project aims to enable users to easily move assets across different virtual environments without affecting functionality.

Founded in September 2021 by the former crypto program engineers behind the blockchain architecture for Facebook (now Meta) crypto payments platform – Diem and Novi mobile wallet, Mysten Labs will be led by CEO Evan Chang, CTO Sam Blackshear, COO Adeniyi Abiodun and Chief Scientist founded George Danezis.

Novi’s closest leader, David Marcus, announced on December 1 that he would step down at the end of the year. Meta started testing Novi in ​​the US and Guatemala in October.

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