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Mysten Labs, developer of a new blockchain project called Sui, raised $300 million in its latest funding round. The round, which was led by FTX ventures, also had backing from A16z crypto, Jump Crypto, Apollo, Binance Labs, Franklin Templeton and Coinbase Ventures, among others. The funds will be directed towards continuing to expand Sui’s infrastructure and core, hiring in the Asia-Pacific region for this task.
Mysten Labs, a company founded by Meta’s former employees who worked on the Novi project, has achieved a significant milestone for the future. The company reported raising $300 million in its Series B funding round. The round was led by FTX Ventures and had participation from many venture capital firms, including A16z crypto, Jump Crypto, Apollo, Binance Labs, Franklin Templeton, Coinbase Ventures, Circle Ventures and Lightspeed Venture Partners, among others.
This round of funding allowed the company to reach a valuation of $2 billion. Mysten Labs explained that the funds will be used to continue growing its core and to hire aggressively worldwide, but mainly in the Asia Pacific (APAC) region. The company’s first product, Sui, a blockchain advertised as secure and scalable that wants to compete with Ethereum and Solana, still hasn’t launched and just opened a public incentivized testnet in August.
On why they invested in Mysten, FTX Ventures partner Amy Wu stated:
We believe Sui’s technical innovations such as parallelizable agreements and its object-centric architecture make it a next-generation platform for web3 builders.
The company is confident in its products and the performance improvements they appear to provide compared to more established rivals. Evan Cheng, co-founder and CEO of Mysten Labs, criticized the limited scalability of current blockchains, stating:
The current web3 infrastructure is in the dial-up era – it’s slow, expensive, capacity-constrained, insecure and just plain hard to build for. With Sui, we aim to build a blockchain that scales with demand and incentivizes growth, eliminates middlemen, and allows users across applications to seamlessly integrate and interact with their favorite products.
Sui’s smart contracts are written using Move, a language created by Facebook to write the necessary contracts for the Diem blockchain. The company states that it has been used because of its performance benefits and object-oriented programming features, which make it easier to write and debug code compared to Solidity, the language used by Ethereum’s smart contracts.
What do you think of Mysten Labs and its latest $300 million funding round? Tell us in the comments section below.
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