The company that made Sui, a layer-1 blockchain, has raised $300 million to improve its core infrastructure and speed up adoption.
The blockchain business was started by people who used to work at Meta in 2021. FTX Ventures led a Series B fundraising round that brought in $300 million.
Other Series B investors included Coinbase Ventures, Jump Crypto, a16z, Circle Ventures, Binance Labs, and O’Leary Ventures, valuing the company at over $2 billion.
In addition to stock, investors will obtain warrants for native blockchain coins.
Mysten created the Sui blockchain, a proof-of-stake (PoS) layer-1 blockchain that leverages “transaction parallelization” to provide high throughput, low latency transactions, and low transaction fees.
Evan Cheng, Mysten’s co-founder and CEO, said the new cash will be used to enhance technology, hire more employees, and expand to Asia.
With this new money, Mysten will be able to grow Sui, and we are grateful for the help of blue-chip investors and key partners.
Cheng said Web3 infrastructure is “dial-up”
Recent funding implies some VCs are unfazed by the bitcoin bear market. Messari reported that VC firms invested $30.3 billion in the first half of this year, exceeding 2021’s fundraising year.
Mysten Labs raised $36 million from a16z in December.
The startup was created in September 2021 by former Meta crypto-payments programmers. Evan Chang, Sam Blackshear, Adeniyi Abiodun, and George Danezis lead Mysten Labs.
