$300 million has been raised by Mysten Labs for the development of its Sui blockchain ecosystem

The blockchain network, which Cointelegraph reports was established by social media firm Meta in 2021, said through a statement that it secured money in a Series B fundraising round that was coordinated by cryptocurrency exchange venture arm FTX Ventures.

Mysten Labs, the company that created and will introduce layer-1 blockchain Sui, has received $300 million to build up its core infrastructure and hasten the adoption of its Sui blockchain ecosystem.

In a news statement, the blockchain platform, which social networking company Meta founded in 2021, said that it had raised $300 million in a Series B investment round led by the venture arm of a cryptocurrency exchange, FTX Ventures. The investment also featured Coinbase Ventures, Jump Crypto, Andreesen Horowitz’s a16z, Circle Ventures, Binance Labs, and O’Leary Ventures in addition to these investors. The additional funding enabled the business to be valued at close to $2 billion. Additionally, warrants for native tokens that will trade on the blockchain will be given to investors.

The Sui blockchain, which competes with well-known blockchains like Ethereum and Solana by utilising a transaction parallelization feature to achieve increased throughput, low latency transactions, and low transaction fees, is allegedly the brainchild of Mysten, according to information provided by Cointelegraph. Evan Cheng, co-founder and CEO of Mysten, said that the additional funds will be utilized to support the company’s technology, hiring initiatives, and expansion throughout the Asia-Pacific region.

It’s sluggish, costly, capacity-limited, unsafe, and challenging to construct, according to Cheng.

Additionally, according to Cointelegraph, the most recent round of investment suggests that some venture capital investors not be alarmed by the current bad market in cryptocurrencies. According to a recent estimate from Messari, venture capital (VC) companies spent $30.3 billion in the first half of this year. Mysten Labs received $36 million in Series A fundraising last year, headed by a16z.