During its most recent investment round, Mysten Labs, the company responsible for developing a new blockchain project known as Sui, was able to raise $300 million. The funding round was spearheaded by FTX ventures and included participation from a number of other prominent investors, including A16z crypto, Jump Crypto, Apollo, Binance Labs, Franklin Templeton, and Coinbase Ventures. The cash will be used to continue expanding Sui’s infrastructure and core, with a focus on hiring in the Asia Pacific region to accomplish this goal.
Mysten Labs Reaches $2 Billion Valuation in Series B Funding Round
Mysten Labs, a firm created by former workers of Meta who were involved in the Novi project, has reached a critical milestone for the company’s future. The amount of money raised by the company in its Series B fundraising round was believed to be $300 million. The funding round was spearheaded by FTX Ventures and included participation from a large number of venture capital organizations. Some of these businesses include A16z crypto, Jump Crypto, Apollo, Binance Labs, Franklin Templeton, Coinbase Ventures, Circle Ventures, and Lightspeed Venture Partners.
The company was able to achieve a valuation of $2 billion as a direct result of this funding round. According to Mysten Labs, the cash will be utilized to continue rapidly increasing the company’s core and to hire more people around the world, with a primary focus on the Asia Pacific (APAC) region. The initial product of the firm, Sui, a blockchain that is promoted to be secure and scalable and that aims to compete with Ethereum and Solana, has not yet launched and only recently opened a public incentivized testnet in August. Sui aspires to compete with Ethereum and Solana.
Amy Wu, a partner at FTX Ventures, explained the reasoning behind their investment in Mysten as follows:
Move is a language developed by Facebook specifically for the purpose of writing the necessary contracts for the Diem blockchain. Move is the language that is used to write Sui’s smart contracts. According to the corporation, it has been adopted because of the performance benefits and object-oriented programming features that it offers. These qualities make it simpler to build and debug code in comparison to Solidity, the programming language that is utilized by Ethereum smart contracts.
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