Mysten Labs, developer of a new blockchain project called Sui, has raised $300 million in its latest funding round, led by FTX Ventures. The round also had support from A16z crypto, Jump Crypto, Apollo, Binance Labs, Franklin Templeton, and Coinbase Ventures, among others. The funds will be directed to continue growing Sui’s infrastructure and core, and will hire in the Asia Pacific region for this task.
Mysten Labs Reaches $2 Billion Valuation in Series B Funding Round
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Founded by former Meta employees who worked on the Novi project, Mysten Labs has achieved an important milestone for its future Mysten Labs has achieved an important milestone for its future. The companyreportedthat it raised $300 million in a Series B funding round. The round was led by FTX Ventures and included funding from A16z crypto, Jump Crypto, Apollo, Binance Labs, Franklin Templeton, Coinbase Ventures, Circle Ventures, Lightspeed Venture Partners, and many other venture capital firms.
The funding round allowed the company to reach a $2 billion valuation, which Mysten Labs explained it will use to continue growing its core and to aggressively hire around the world, primarily in the Asia-Pacific (APAC) region. The company’s first product, Sui, a blockchain touted as secure and scalable that wants to compete with Ethereum and Solana, has yet to launch and just opened a publicly incentivized testnet in August.
In explaining why he invested in Mysten, Amy Wu, a partner at FTX Ventures, declared.
We believe that Sui’s innovations, such as parallelizable contracts and object-centric architecture, are the next generation platform for Web3 builders.
Sui vs. other blockchains
The company is confident in its product and ostensibly enhanced performance when compared to more established rivals.Evan Cheng, co-founder and CEO of Mysten Labs, criticized the limited scalability of blockchains today and stated.
The current Web3 infrastructure is dial-up era, slow, expensive, capacity-limited, insecure, and simply hard to build; at Sui, we are building a blockchain that scales and grows on demand, eliminating middlemen and allowing different application We strive to allow users to seamlessly integrate and interact with their favorite products.
Sui’s smart contracts are written using Move, the language Facebook created to write the necessary contracts for the Diem blockchain. The companystates that it was used because of its performance advantage over Solidity, which is used in Ethereum smart contracts, and its object-oriented programming features that make it easier to write and debug code.
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