Web3 SUI

Former Meta executives lead a $300 million Series B funding round for Web3.

The company will use the funds to continue building its core infrastructure.

SUI w WEB3

 

Mysten Labs, a Web3 infrastructure firm and creator of the yet-to-be-released Sui Layer 1 blockchain, has announced the first closure of its $300 million (approximately Rs. 2,400 crore) Series B investment deal. FTX Ventures led the Series B round, which included new and existing investors such as a16z crypto, Jump Crypto, Apollo, Binance Labs, Franklin Templeton, Coinbase Ventures, Circle Ventures, Lightspeed Venture Partners, Sino Global, Dentsu Ventures, Greenoaks Capital, and O’Leary Ventures, among others. The new capital puts the firm at more than $2 billion (roughly Rs. 15,900 crore).

The cash will be used to continue expanding the Sui ecosystem and its core infrastructure to support Web3 apps.

 

It will also grow its worldwide staff, with a strong focus on the Asia-Pacific area.

Evan Cheng, Sam Blackshear, Adeniyi Abiodun, and George Danezis are all former Meta workers. All of them worked on Novi, the company’s bitcoin wallet. Despite the fact that Novi and Diem were never launched, the industry believes that the failure was not the responsibility of the engineers who worked on the project.

Sam Blackshear, Chief Technology Officer, was a Principal Engineer at Novi and is responsible with developing Move, the scripting language used by both Sui and Meta’s doomed blockchain Diem (formerly known as Libra). Adeniyi Abiodun, former Novi Product Lead, is Mysten’s Chief Product Officer; Chief Cryptographer Kostas Kryptos formerly held the same position at Meta; and Chief Scientist George Danezis previously worked on Novi and Diem.

Former Novi team members are not the only ones looking to construct the next big thing in blockchain. Former Novi colleagues Avery Ching and Mo Shaik have subsequently founded Aptos Labs.

 

 

 

Aptos did a similar study earlier this year and discovered similarly substantial contributions. The startup raised $200 million (approximately Rs. 1,500 crore) in an investment round led by a16z, Katie Haun, and FTX Ventures in March.

It added another $150 million (approximately Rs. 1,196 crore) to the piggy bank in July. Crunchbase reveals that the company received $350 million (about Rs. 2,790 crore), putting its operating capital in the same ballpark as Mysten Labs.

Several crypto industry heavyweights participated in the Series B funding round, including Andreessen Horowitz’s crypto division, Jump Crypto, Coinbase Ventures, Circle Ventures, Binance Labs, and Lightspeed Venture Partners, among others.

Mysten was founded in 2021 by former Novi Research employees and key creators of the now-defunct Diem blockchain and Move programming language. Sui, the company’s main product, is a Layer 1 blockchain, which is analogous to the blockchains that underpin bitcoin and Ethereum. It gives developers with decentralized ledger technology to construct decentralized apps for financial and social media experiences more swiftly.

Developing a Layer-1 Blockchain

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Blockchain Platform For Digital Assets Concept 3D Rendered Illustration. Digitized, Decentralized, Public Ledger of All Cryptocurrency Transactions.

 

Evan Cheng, co-founder and CEO of Mysten Labs, emphasizes that the funding will be used to advance the company’s technology, support employment activities, and grow into the Asia-Pacific area.

“This fresh funding will allow Mysten to continue scaling Sui, and we are grateful for the support of blue-chip investors and key partners who share our vision.”

The Sui blockchain is a Layer-1 Proof of Stake blockchain technology that was designed from the bottom up to enable artists and developers in the gaming, social media, and financial industries to build experiences for Web3.0 consumers. The ecosystem’s founders claim that the new blockchain technology will surpass existing favorites such as ethereum (ETH) and Solana.

Binance Crypto exchange Labs, Coinbase Crypto exchange Ventures, Jump Cryptocurrency, Andreessen, circle Ventures, Horowitz’s a16z, and O’Leary Ventures were among the notable investors in the Series B investment round. Investors will acquire warrants for native crypto tokens that may be sold on the future blockchain in addition to shares.

“We are thrilled to invest in and strategically support the amazing Mysten Labs team, whose creators created the Move language while directing blockchain R&D for Facebook and are now releasing the Sui blockchain technology.” “We think Sui’s technological advances, such as parallelizable agreements and object-centric design, position it as a next-generation platform for Web 3.0 makers,” said Amy Wu, Partner at ftx ventures.

 

The other side

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BLOCKCHAIN

Mysten Lab, a Unicorn firm, boosted its market value to more than $2 billion by acquiring the funds. Former cryptographic program programmers from Meta’s Diem crypto-payments platform, Move programming language, and Novi mobile wallet founded the firm in September 2021.

What exactly is the big deal?

According to a recent Messari research, VC businesses spent $30.3 billion in funds in the first six months of 2022, surpassing the total amount of funds raised in 2021. This shows that deal capital investors are unfazed by the bitcoin bear market.

 

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By Ayomide

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