Former Meta execs raise $300M to 'accelerate adoption' of Sui blockchain

Mysten Labs, the company behind Sui, the yet-to-be-launched layer-1 blockchain, has raised $300 million to build foundational infrastruct...



Mysten Labs, the company behind Sui, the yet-to-be-launched layer-1 blockchain, has raised $300 million to build foundational infrastructure and accelerate adoption of its Sui blockchain ecosystem.

The blockchain company, which was founded by former executives of social media giant Meta in 2021, said in a September 8 announcement that it had landed $300 million in a series funding round. B led by FTX Ventures crypto exchange venture arm.

Other Series B investors include Coinbase Ventures, Jump Crypto, Andreessen Horowitz’s a16z, Circle Ventures, Binance Labs, and O’Leary Ventures, among other investment funds and partners, with the new capital valuing the company at more of $2 billion.

In addition to equity, investors will receive warrants for native tokens to trade 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 run for her money.

Mysten co-founder and CEO Evan Cheng said the new funding would be used to grow its technology, the company’s recruiting efforts and its 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 with our mission.”

Cheng suggested that the current Web3 infrastructure “is in the age of dial-up”, noting:

“It’s slow, expensive, limited in capacity, insecure and just plain hard to build.”

The latest funding suggests that some venture capitalists are out of step with the crypto bear market. A recent report by Messari revealed that $30.3 billion in funds have been invested by venture capitalists in the first six months of this year, topping the entire fundraising year in 2021.

Related: VCs Pour $14.2 Billion Into Crypto In H1 2022, But Investment Is Slowing Now

Last December, Mysten Labs Raised $36M in Series A Fundingled by a16z.

The company was founded in September 2021 by former crypto program engineers behind Meta’s Diem crypto payments platform and Novi mobile wallet. Mysten Labs is led by CEO Evan Chang, CTO Sam Blackshear, CPO Adeniyi Abiodun and Chief Scientist George Danezis.