Mysten Labs, the developer of a new cryptocurrency project called Sui has raised $300 million in its most recent funding round. The round was led by FTX Ventures and included support from A16z crypto. Jump Crypto, Apollo. Binance Labs. Franklin Templeton. Coinbase Ventures were also involved. These funds will be used to expand Sui's core and infrastructure, as well as to hire in the Asia Pacific region for this purpose.
Mysten Labs Reaches $2 Billion Valuation in Series B Funding Round
Mysten Labs, which was founded by Meta's former employees who worked on the Novi Project, has reached a significant milestone in its future. In its Series B funding round, the company raised $300 million. The round was led FTX Ventures. It included participation from many venture capital firms including Apollo, Jump Crypto and Binance Labs, Franklin Templeton and Coinbase Ventures. Circle Ventures and Lightspeed Venture Partners were also involved.
The company was able to achieve a valuation of $2B with this funding round. Mysten Labs explained that the funds would be used to grow its core and to hire aggressively around the globe, but mainly in Asia Pacific (APAC). Sui, the first product of Mysten Labs, is still in development. It is a secure and scalable blockchain that aims to compete with Ethereum or Solana.
Amy Wu, FTX Ventures partner, spoke out about why they invested in Mysten:
Sui's technological innovations, such as parallelizable deals and its object-centric architecture, make it a top-tier platform for web3 builders.
Sui vs. Other Blockchains
The company is confident about its products and the performance improvements they will ostensibly provide, when compared with more established competitors. Evan Cheng, CEO and co-founder of Mysten Labs, expressed concern about the lack of scale in today's blockchains.
Current web3 infrastructure is in the dial-up era – it's slow, expensive, capacity-constrained, insecure, and simply hard to build for. We are working with Sui to create a blockchain that can scale with demand, incentivize growth, eliminate middlemen, and allow users to seamlessly integrate with and interact with other applications.
Sui's smart contract are written in Move, a language created by Facebook to create the contracts necessary for its Diem blockchain. It is said that it has been widely used because of its performance benefits and object-oriented programming features. This makes it easier to write and debug code than Solidity, which is used for Ethereum smart contracts.
What do you think of Mysten Labs' latest $300 million funding round and Mysten Labs? Comment below.
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By: Sergio Goschenko
Title: Sui Developer Mysten Labs Raises $300 Million to Address Web3 Scalability
Sourced From: news.bitcoin.com/sui-developer-mysten-labs-raises-300-million-to-address-web3-scalability/
Published Date: Sat, 10 Sep 2022 00:00:35 +0000
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