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

Mysten Labs, developer of a new blockchain project called Sui, raised $300 million in its latest funding round. The round, which was led by FTX ventures, also had the support of A16z crypto, Jump Crypto, Apollo, Binance Labs, Franklin Templeton, and Coinbase Ventures, among others. The funds will be directed to continue growing Sui’s infrastructure and core, hiring in the Asia Pacific area for this task.

Mysten Labs, a company founded by Meta’s former employees that worked on the Novi project, has achieved a significant milestone for its future. The company reported having raised $300 million in its Series B funding round. The round was led by FTX Ventures and had the participation of many venture capital firms, including A16z crypto, Jump Crypto, Apollo, Binance Labs, Franklin Templeton, Coinbase Ventures, Circle Ventures, and Lightspeed Venture Partners, among others.

This funding round allowed the company to reach a valuation of $2 billion. Mysten Labs explained that the funds will be used to keep growing its core and to hire aggressively all over the world, but mainly in the Asia Pacific (APAC) area. The first product of the company, Sui, a blockchain advertised to be secure and scalable that wants to compete with Ethereum and Solana, has still not launched and just opened a public incentivized testnet in August.

About why they invested in Mysten, FTX Ventures partner Amy Wu declared:

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

The company is confident in its products and the performance enhancements they will ostensibly bring when compared to more established rivals. 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. With Sui, we are endeavoring to build a blockchain that scales with demand and incentivizes growth, eliminating middlemen, and enabling users across applications to seamlessly integrate and interact with their favorite 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. The company states that it has been used due to its performance advantages and object-oriented programming features, which make it easier to write and debug code compared to Solidity, the language used by Ethereum smart contracts.

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