Ex-Meta executives raise $300M to ‘accelerate adoption’ of Sui blockchain

Myston Labs, the company behind the newly launched layer-1 blockchain Sui, has raised $300 million to build core infrastructure and accelerate the Sui blockchain ecosystem.

In the year The blockchain company, founded in 2021 by former executives of social media giant Meta, said in a Sept. 8 announcement that it has secured $300 million in Series B funding led by crypto exchange venture arm FTX Ventures.

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, with the new capital valuing the company at more than $2 billion.

In addition to equity, investors receive a guarantee of native tokens to trade on the blockchain in the future.

Myston is the creator of the Sui blockchain, a Layer 1 proof-of-concept blockchain that uses a “transaction parallel” feature to achieve high throughput, low latency transactions, and low transaction fees that can give blockchains like Ethereum and Solana a run for their money.

The new funding will be used to build out the technology, the company’s hiring efforts and expansion into the Asia-Pacific region, according to Mysten’s founder and CEO Evan Cheng.

“This new funding will allow Myston to expand its reach, and we are grateful for the support of blue-chip investors and strategic partners who align with our mission.”

Cheng points out that the current Web3 infrastructure is “on dial-up time”:

“It’s slow, expensive, limited in capacity, unsafe and difficult to build.”

The latest round of funding suggests that some venture capital investors remain unfazed by the crypto bear market. According to a recent report from Masari, $30.3 billion of funds were invested in VC firms in the first six months of this year, more than the entire fundraising year of 2021.

Related: VCs to invest $14.2B in crypto in H1 2022, but investments are slowing now

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

The company was founded in September 2021 by former cryptographic programming engineers behind the meta-crypto-payments platform Diem and the mobile wallet Novy. Myston Labs is led by CEO Evan Chang, CTO Sam Blackshear, CPO Adeniyi Abiodun and Chief Scientist George Danzis.