SUI blockchain
Crypto

Former Meta Executives Raise $300M to Accelerate Adoption of Sui Blockchain

Mysten Labs, the company responsible for the yet-to-be-launched layer-1 blockchain Sui, has secured $300 million to develop core infrastructure and drive adoption of the Sui blockchain ecosystem.

The blockchain firm, established in 2021 by former executives of social media giant Meta, announced on Thursday that it had raised $300 million in a Series B funding round led by FTX Ventures, the crypto exchange’s 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. This new capital has valued the company at more than $2 billion.

Investors will receive warrants for native tokens in addition to equity, which will be traded on the future blockchain.

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Mysten is the creator of the Sui blockchain, a proof-of-stake (PoS) layer-1 blockchain that uses a feature called “transaction parallelization” to achieve high throughput, low latency transactions, and low transaction fees. This may give existing blockchains such as Ethereum and Solana a run for their money.

Mysten co-founder and CEO Evan Cheng stated that the new funding would be utilized to develop the company’s technology, hiring initiatives, and expansion into the Asia-Pacific region.

The most recent funding indicates that some venture capital investors remain unfazed by the crypto bear market. According to a recent report by Messari, VC companies invested $30.3 billion in the first six months of this year, surpassing the entire fundraising year of 2021.

Last December, Mysten Labs raised $36 million in Series A funding, led by a16z.

The company was established in September 2021 by former cryptographic program engineers who worked on Meta’s crypto-payments platform Diem and mobile wallet Novi. Mysten Labs is led by CEO Evan Chang, chief technology officer Sam Blackshear, chief product officer Adeniyi Abiodun, and chief scientist George Danezis.