Mysten Labs, the firm at the back of Sui (the layer-1-based blockchain that has not yet been launched) has gathered up to $300M to focus its attention on constructing the fundamental infrastructure as well as elevating the ecosystem of the Sui blockchain.
Meta’s Ex-Executives Gather $300M to Enhance Sui Blockchain’s Adoption
The blockchain firm, the foundation of which was laid in the previous year by the executives who formerly operated at the social media giant called Meta. They declared this move on 8th September and stated that an amount of nearly $300M has been collected by them in a funding round of Series B. As per them, FTX Ventures (a crypto exchange) was leading the respective funding round.
In the tweet, where they announced the funding, they mentioned the round as a landmark to help out the respective blockchain ecosystem. The rest of the participants in the Series B round took into account O’Leary Ventures, Binance Labs, Circle Ventures, a16z of Andreessen Horowitz Jump Crypto, Coinbase Ventures, and several other partners and funds. As a result of this, the company’s capital value was raised above $2B.
Apart from equity, investors will obtain permits to trade the local tokens on the latest blockchain. Sui Blockchain is established by Mysten. It is a blockchain that is based on layer-1 of the proof-of-stake mechanism with the utilization of a feature named “transaction parallelization.” In this way, it can have high throughput, lesser latency transfers, as well as low charges for transactions.
Series B Funding of Mysten to Lift Its Tech Endeavors
Evan Cheng, the CEO, and co-founder of Mysten disclosed that they would use the exclusive funding to improve the technology of the firm, its hiring endeavors, as well as the expansion thereof within the Asia-Pacific zone. With this funding, he added, they keep on scaling Sui to accomplish the mission in which their strategic collaborators and blue-chip investors are supporting them.
It is indicated by this funding that, a few VC investors are even now unaffected by the bear market of cryptocurrency. Messari recently reported that approximately $30.3B worth of the collected funds were owed to the VC companies in the initial 6 months of 2022, outpacing the whole fundraising done in the previous year. In December 2021, Series A funding was collected by Mysten with a valuation of $36M, with a16z leading it.