Ex-Meta Execs Successfully Raise $300 Million To Boost Sui Blockchain

Mysten Labs, the firm responsible for the development of Layer 1 blockchain Sui, has raised around $300 million to build the core of the blockchain and accelerate its adoption among decentralized applications (Dapps) and other users.

Sui is is yet to debut in the crypto space.

Formed by former executives of social media giant Meta last year, Mysten Labs announced the successful Series B Funding round Thursday.

"We believe in a future where every major digital exchange of value will be done via public ledgers. Public blockchains usher in a world of greater transparency & seamless composability of assets that will ultimately benefit end users," said Sui Blockchain in a Twitter post.

The Series B Funding round was led by the ventures arm of crypto exchanges FTX, FTX Ventures and other major investment firms, including Coinbase Ventures, Jump Crypto, Andreessen Horowitz (a16z), Circle Ventures, Binance Labs and O'Leary Ventures.

The new funding will raise the valuation of the firm to a whopping $2 billion.

In another Twitter post, Sui said the "next Web3 cycle is due for an upgrade," while emphasizing that the current problems associated with blockchains need to be addressed. These problems include poor developer experience, low scalability but high cost like Ethereum, poor onboarding experiences faced by developers and Dapps and lastly, limited use cases of the blockchain.

"This funding enables us to expand + accelerate Sui's launch, invest in the Sui ecosystem & continue expansion into Asia," the Layer 1 blockchain tweeted.

Interestingly, the funding comes at a time when the crypto market is witnessing a substantial crash as almost every major cryptocurrency is significantly down from its all-time high. However, KPMG International Limited, one of the Big Four accounting firms, said venture capital firms poured $14.2 billion into crypto tech across 725 deals in the first half of 2022.