Myston Labs, developer of a new blockchain project called Sui, has raised $300 million in its latest round of funding. The round, which was led by FTX Ventures, had backing from A16z crypto, Jump Crypto, Apollo, Binance Labs, Franklin Templeton and Coinbase Ventures, among others. The funds will go towards continuing to grow Sue’s infrastructure and core, recruiting for this role in the Asia Pacific region.
Myston Labs has reached a $2 billion valuation in a Series B funding round
Founded by ex-Meta employees on the Novi project, Myston Labs has marked a major milestone in its future development. The company has reportedly raised $300 million in a Series B funding round. The round was led by FTX Ventures and had participation from several venture capital firms, including A16z crypto, Jump Crypto, Apollo, Binance Labs, Franklin Templeton, Coinbase Ventures, Circle Ventures and Lightspeed Venture Partners, among others.
This funding round allowed the company to reach a valuation of 2 billion dollars. Myston Labs explained that the funding will be used to continue core growth and hiring worldwide, but primarily in the Asia Pacific (APAC) region. The company’s first product, Sui, a secure and scalable ad that aims to compete with Ethereum and Solana, has yet to launch and opened a public incentive testnet in August.
Amy Wu, partner at FTX Ventures, said:
We believe its technical innovations such as parallel protocols and object-oriented architecture will make it the platform for the next generation of Web3 developers.
Sui vs other Blockchains
The company believes in its products and performance improvements compared to more established rivals. Evan Cheng, founder and CEO of Misty Labs, criticized the limited capabilities of today’s blockchains:
Current Web3 infrastructure is dial-up – slow, expensive, resource-constrained, insecure, and difficult to build. With Sui, we’re striving to build a blockchain that scales with demand and drives growth, eliminating middlemen and allowing users in apps to seamlessly integrate and interact with the products they love.
Its smart contracts are written using Move, a language created by Facebook to write the necessary contracts for the Dim blockchain. The company says it’s used for its performance advantages and object-oriented programming features; This makes it easier to write and debug code, using the language used by Ethereum smart contracts.
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