Sui Blockchain Raises $300M, Mysten Labs Now Valued At $2 Billion
- Mysten Labs has recently announced that it has secured about $300 million in a Series B funding round, and now the company is valued at $2 billion.
- The venture arm of the crypto exchange giant FTX, FTX Ventures, and that of Coinbase, Coinbase Ventures, actively participated in the fundraising round.
Mysten Labs, the company that is developing Layer 1 blockchain Sui and aims to boost Web3 adoption, has recently announced that it has secured about $300 million in a Series B funding round.
The venture arm of the crypto exchange giant FTX, FTX Ventures, and that of Coinbase, Coinbase Ventures, actively participated in the fundraising round. Other major investors who backed the Sui Blockchain include Andreessen Horowitz (a16z), Jump Crypto, Circle Ventures, O’Leary Ventures, and Binance Labs.
Mysten Labs, which was founded by former Meta executives last year, plans to utilize the new funding to complete the development of the Sui blockchain’s core and hasten its adoption by decentralized applications (Dapps).
It is worth noting that Sui has not yet made a debut in the cryptocurrency industry.
Sui Blockchain revealed the funding news on Twitter by stating:
“We believe in a future where every major digital exchange of value will be done via public ledgers. Public blockchains usher in a world of greater transparency & seamless composability of assets that will ultimately benefit end users.”
Interestingly, the new Series B funding round marks a major milestone for the firm by raising its valuation to a whopping $2 billion.
In a separate tweet, Mysten Labs stated that the “next Web3 cycle is due for an upgrade” while also underlining the necessity of resolving the present issues related to blockchains. Notably, the company believes that a poor developer experience, limited use cases of the blockchain, and low scalability but high costs like Ethereum, poor onboarding experiences faced by developers and Dapps are some of the few issues associated with different blockchains.
The company further stated that it believes in a future where “every major digital exchange of value would be done via public ledgers” Moreover, Mysten Labs highlighted the urgent need for “greater transparency and seamless composability of assets.”
Notably, the new funding enables the company to boost its plans of expansion in Asia and increase investment in the Sui ecosystem.
It is interesting to note that the funding comes at a time when the crypto market is experiencing a big meltdown, as the price of almost every major cryptocurrency has dropped dramatically from its all-time high.
According to one of the Big Four accounting firms, KPMG International Limited, venture capital firms invested a total of $14.2 billion into the industry in the first half of 2022 via 725 different deals.