Former Meta execs raise $300M to ‘accelerate adoption’ of Sui blockchain
Mysten Labs, the company behind the yet-to-launch layer-1 blockchain Sui has raised $300 million aimed at building core infrastructure and accelerating the 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 Sept. 8 announcement that it landed $300 million in a Series B funding round led by crypto exchange venture arm FTX Ventures.
: Today, we're excited to announce our $300M Series B funding round. This milestone signals the technical strength & immense potential of our Sui ecosystem. #Suinami 1/ pic.twitter.com/wQ8WH1egyY
Other Series B investors included 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 over $2 billion.
In addition to equity, investors will receive warrants for native tokens to be traded 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 may give existing blockchains such as Ethereum and Solana a run for its money.
Mysten co-founder and CEO Evan Cheng said the new funding would be used to build its technology, the company’s with hiring efforts, and expansion to the Asia-Pacific region.
“This new funding will enable Mysten to continue to scale Sui, and we are grateful for the support from blue-chip investors and strategic partners who are aligned in our mission.”
Cheng suggested that current Web3 infrastructure “is in the dial-up era,” noting:
The latest funding
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