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The developer of Layer 1 blockchain solutions, Mysten Labs, has completed its latest seed series B seed funding round. The firm confirmed the development in a Twitter post on Friday that it raised about $300 million.
Mysten aims to invest funds in Web3 development and boost the adoption of web3. The venture arm of FTX exchange and Coinbase Ventures were active participants in the round. Other participants in the round include Andreessen Horowitz (a16z), Jump Crypto, Circle Ventures, O’Leary Ventures, and Binance Labs.
The firm intends to invest funds in Sui blockchain’s core development. Also, the company will use part of the funds to accelerate the adoption of decentralize applications (dApps). Mysten Labs intends to fund its expansion project with the generated funds.
Sui blockchain reacted to the development, saying it “believes in a future where every major digital exchange of value will be done in public ledgers.” Sui further that, “Public blockchain usher in a world of greater transparency & seamless composability of assets that will ultimately benefit end users.” With this new series B funding round, the firm is estimated to be worth about $ 2 billion. Sui is, however, yet to make its official appearance in the crypto industry.
Mysten Labs highlight challenges facing developers
Mysten Labs, in a tweet, disclosed that the next Web3 cycle is ready for an upgrade. The firm also outlined the importance of fixing the existing issues related to blockchain. According to Mysten Labs, developers and Dapps in blockchains face various difficulties and challenges. According to the firm, some issues include poor developer experience, limited use cases of the blockchain, and low scalability but high costs like Ethereum. Also, developers usually undergo poor onboarding experiences.
The series B funding round comes amid the ongoing bear market. According to one of the biggest accounting firms, KPMG, venture capital firms amassed $14.2 billion in the industry within the first half of 2022 through 725 deals.
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