Mysten labs designer of Sui blockchain raises $300 million in Funding

The blockchain platform, which was founded by social media company Meta in 2021, stated through an announcement that it clocked $300 million in a Series B funding round led by cryptocurrency exchange venture arm FTX Ventures.

Mysten Labs, the company which has designed and will launch layer-1 blockchain Sui, has raised $300 million aimed at developing core infrastructure and speeding up the adoption of its Sui blockchain ecosystem.

The blockchain platform, which was founded by social media company Meta in 2021, stated through an announcement that it clocked $300 million in a Series B funding round led by cryptocurrency exchange venture arm FTX Ventures. Other investors of the round were Coinbase Ventures, Jump Crypto, Andreesen Horowitz’s a16z, Circle Ventures, Binance Labs, O’Leary Ventures, among others, with the fresh funds leading to the company’s valuation of over two billion dollars. Additionally, investors will get warrants for native tokens which are to be traded on the blockchain. 

Mysten is the reported creator of the Sui blockchain, which uses a transaction parallelisation feature to achieve increased throughput, low latency transactions, and low transaction fees, to provide competition to existing blockchains such as Ethereum and Solana. Evan Cheng, co-founder and CEO, Mysten, stated that the new funding would be channeled towards the funding of the company’s technology, hiring efforts, and expansion to the Asia-Pacific region. 

“This new funding will enable Mysten to continue to scale Sui, and we look forward to the support from blue-chip investors and strategic partners who are aligned in our mission. It’s slow, expensive, capacity constrained, insecure, and hard to build for,” Cheng said.

Moreover, the latest round of funding recommends that certain venture capital investors remain unphased by the cryptocurrency bear market. A recent report from Messari, revealed that $30.3 billion in funds was invested by venture capital (VC) firms in the first half of this year. Last year, Mysten Labs raised $36 million in Series A funding, led by a16z.