Web3 Startup Mysten Labs has raised $300 million in a Series B funding round led by Sam Bankman-Fried’s FTX Ventures.
Some of the biggest names in the crypto industry invested along in this latest round which gives Mysten Labs a $2 billion valuation.
Binance Labs, Coinbase Ventures, Circle Ventures, Lightspeed Venture Partners and Andreessen Horowitz (a16z) all contributed.
Mysten Labs said to be using the new capital to further develop its Sui blockchain and expand into the Asia-Pacific region, using the Twitter hashtag #suinami to further strengthen its promise.
We’re incredibly lucky to have strategic partners who can see possibilities in Sui & challenge us to rise to the occasion. Cheers to @amytongwu & FTX Ventures team for joining our journey. The #Suinami🌊 is just starting. https://t.co/lLn4Cu5wVI
— Sui by Mysten Labs (@Mysten_Labs) September 8, 2022
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The latest investment round comes almost a year after a Series A funding round led by Andreessen Horowitz raised $36 million.
In July, news leaked of an upcoming funding opportunity with investors, led by FTX Ventures, having already reserved at least $140 million
Mysten Labs is founded by industry veterans of Novi Research, the crypto research and development division of Meta (formerly Facebook) and launched its decentralized blockchain Sui a few months ago in March.
Evan Cheng, Co-Founder and Chief Executive Officer of Mysten, who was the former head of research and development for Meta’s crypto wallet initiative, said:
“Current web3 infrastructure is in the dial-up era – it’s slow, expensive, capacity constrained, insecure, and simply hard to build for. With Sui, we are endeavoring to build a blockchain that scales with demand and incentivizes growth, eliminating middlemen, and enabling users across applications to seamlessly integrate and interact with their favorite products. 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 to unlock the ownership economy and bring digital assets to the masses.”
Amy Wu, Partner of FTX Ventures, said:
“We are excited to invest in and strategically support the talented Mysten Labs team, whose founders had authored the Move language while leading blockchain R&D for Facebook and now launching the Sui blockchain. We believe Sui’s technical innovations such as parallelizable agreements and its object-centric architecture make it a next-gen platform for web3 builders.”
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Source: Igaming
