In a Sept. 8 announcement, the social networking giant Meta, the blockchain company founded in 2021 by former executives, said it led a $300 million Series B funding round with FTX Ventures, which is formed by cryptocurrency exchange venture capital firm FTX Ventures. .
: Today, we are pleased to announce our $300 million Series B round of financing. This milestone represents the great potential of our Sui technology level and ecosystem #Suinami1/pic.twitter.com/wQ8WH1egyY
Other Series B investors include Coinbase Ventures, Jump Crypto, Andreessen Horowitz's a16z, Circle Ventures, Binance Labs, and O'Leary Ventures, with the new capital valuing the company at more than $2 billion, as well as other investment funds and partners.
In addition to shares, investors will also receive warrants for future blockchain-traded native tokens.
Mysten is the creator of the Sui blockchain, a proof-of-stake layer-a blockchain called [transaction parallelization" that enables high throughput, low-latency transactions, and low transaction fees, which may give Current blockchains like Ethereum and Solana bring money.
Mysten co-founder and CEO Evan Cheng said the new funding will be used to build out its technology, hire the company and expand into the Asia-Pacific region.
"This new funding will enable Mysten to continue to expand Sui, in line with our mission, and we are grateful for the support of our blue chip investors and strategic partners."
Cheng suggested that the current Web3 infrastructure is "in the dial-up era," noting:
"Slow, expensive, limited capacity, unsafe, and difficult to build."
Fresh Capital illustrates that some venture capital investors are still unfazed by the crypto bear market. Venture capital firms invested $30.3 billion in the first six months of this year, more than the entire fundraising year of 2021, according to a recent report from Messari.
Related: 14.2B VC Invested in Digital Currencies in H1 2022 But Investing Has Now Slowed
Last December, MystenLabs raised $36 million in Series A funding, led by a16z.
The company was founded in September 2021 by a former crypto program engineer of Meta crypto payment system Diem and mobile wallet Novi. MystenLabs is led by CEO Evan Chang, CTOSam Blackshear, CPO Adeniyi Abiodun and Chief Scientist George Danezis.
