Sui Developer Mysten Labs Raises $300 Million to Address Web3 Scalability – Bitcoin News

Mysten Labs (developer of the new Sui blockchain project) 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. The funds will be directed to continue growing Sui’s infrastructure and core, hiring in the Asia Pacific area for this task.

Mysten Labs Reaches $2 Billion Valuation in Series B Funding Round

Mysten Labs, a company founded by Meta’s former employees that worked on the Novi project, has achieved a significant milestone for its future. In its Series B financing round, the company raised $300 million. The Round was headed by FTX Ventures. It included participation from many venture capital companies, such as A16z Crypto, Jump Crypto and Apollo.

With this round of funding, the company reached a valuation in excess of $2Billion. Mysten Labs said that the money will be used by the company to grow its core, and to recruit aggressively around the world. However, the focus is in Asia Pacific (APAC). Sui is the first product from Mysten Labs. It’s a secure, extensible blockchain that aims to rival Ethereum and Solana. The testnet was opened in August by the public.

Amy Wu, FTX Ventures partner, spoke out about why she and her husband invested in Mysten:

We believe Sui’s technical innovations such as parallelizable agreements and its object-centric architecture make it a next-gen platform for web3 builders.

Sui or Other Blockchains

When compared with more well-known competitors, the company feels confident about its products and in the performance improvements they can bring. Evan Cheng, co-founder and CEO of Mysten Labs, criticized the limited scalability of today’s blockchains, stating:

Current web3 infrastructure is in the dial-up era – it’s slow, expensive, capacity-constrained, insecure, and simply hard to build for. Sui is a project to develop a blockchain to scale to demand and encourage growth. It will eliminate middlemen and allow people across different applications to seamlessly interact and integrate with their favourite products.

Sui’s smart contracts are written using Move, a language that was created by Facebook in order to write the necessary contracts for its Diem blockchain. According to the company, it is used because it offers performance benefits and features for object-oriented programming. This makes it much easier to create and debug code, as opposed to Solidity which is used to make Ethereum smart contract software.

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Let us know your thoughts about Mysten Labs’ latest funding round of $300 million. Comment below.

Sergio Goschenko

Sergio is a Venezuelan cryptocurrency journalist. Sergio is a cryptocurrency journalist based in Venezuela. He says he was late to the party, having entered the cryptosphere during the December 2017 price increase. His background is in computer engineering, but he also lives in Venezuela and was impacted at the social level by the crypto boom. He offers an alternative perspective on the success of cryptocurrency and the benefits it has for the underbanked.

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