Ex-Meta Executives raise $300M to accelerate the adoption rate of Sui Blockchain

Mysten Labs has raised a staggering amount of $300M. This is the company that is behind the layer-1 blockchain Sui, which is yet to launch. The company stated that the funds would help to build the core infrastructure and eventually accelerate the adoption of its blockchain ecosystem. 

Mysten Labs was founded by former executives who worked for Meta, the social media and tech giant, in 2021. In a recent announcement, the company stated that it was capable of securing $300M in a Series B funding round, which was led by FTX Ventures, the popular crypto exchange venture arm.



The company has created the Sui blockchain, which is primarily a proof-of-stake (PoS) layer-1 blockchain. It has a special feature called “transaction parallelization.” It helps the blockchain to achieve high throughput and transactions with low latency. 

It will also help reduce transaction fees to a considerable degree. This feature alone can make popular blockchains like Solana and Ethereum a run for their money.

Evan Cheng, the CEO, and co-founder of Mysten Labs stated that the latest funding would provide a much-needed boost to develop the technology, the hiring efforts of the company, and their plans to expand into the Asia-Pacific market.

Some other Series B investors included Coinbase Ventures, Andreessen Horowitz’s a16z, Jump Crypto, Circle Ventures, Andreessen Horowitz’s a16z, Binance Labs, and O’Leary Ventures, among other notable investors and partners. The new funding has led to the valuation of the company at over $2B.

The latest Series B funding points out a key fact that some VC investors remain undaunted by the crypto bear market. A recent report from Messari showed that a staggering amount of $30.3B was invested by VC firms during the first two quarters of 2022, which was more than the entire fundraising for the previous year.

If you want to keep up with the trends of blockchain industry, join our communities on Discord, Reddit and Telegram.

Related Posts

Join 30000+ Certified Professionals & Get Ahead In Your Career!

Invest In Your Learning Today!

Blockchain Council Certified Professional
Copyright © 2022 Blockchain Council | All rights reserved

Subscribe to Our Newsletter

To receive Offers & Newsletters

    Invest in your learning!
    Here's a coupon code tailored just for you

    50,000+ Professionals certified so far by Blockchain Council

    Coupon

    LEARN20

    expires in

    Hours
    Minutes
    Seconds
    Enroll today in any of the popular certifications sought after by the industry.