• by Colin Kirkland , September 9, 2022

Mysten Labs announced Thursday that it has raised $300 million in a funding round led by venture capital firm FTX Ventures and additional participation from industry heavyweights like Andreesen Horowitz (a16z), Binance Labs, Coinbase Ventures and more.

The crypto startup was valued at $2 billion. 

Despite the ongoing crash in the crypto market, continued fundraising efforts at this large scale show a consistent appetite for investment in crypto and blockchain projects. 

In July, investors (led by FTX Ventures) committed $140 million to Mysten Labs. 

In December, Mysten raised $36 million in Series A funding led by a16z. 

Mysten Labs was founded by veterans of Meta’s crypto research division Novi Research. 

The company says it will use the funding to build out its Sui blockchain -- Mysten’s yet-to-launch proof-of-stake Layer 1 blockchain -- and expand into Asia-Pacific.

“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,” said Mysten CEO Evan Cheng in a recent statement.

“Sui is poised to be one of the very few blockchain environments that has truly novel properties,” said president of Jump Crypto Kanav Kariya. “The object model opens up a new design space for apps, allowing for highly latency sensitive operations on uncontested state, while still allowing for seamless composability with the shared environment.”