Mysten Labs’ team announced on Medium on Monday that the company had received $36 million in Series A funding round.
Mysten Labs, a research and development company created by former Facebook employees, has announced the completion of a $36 million investment round to help it develop a Web 3.0 infrastructure platform.
Andreessen Horowitz led the round, which included Redpoint, Lightspeed, Coinbase Ventures, Electric Capital, Standard Crypto, NFX, Slow Ventures, Scribble Ventures, Samsung NEXT, and other investors. According to a CNBC article, Mystery’s CEO Evan Cheng stated that the cash will be used to construct the infrastructure required for bitcoin and blockchain-focused companies to supply technologies.
“We feel that fundamental constraints in existing crypto infrastructure are preventing widespread adoption of Web 3.0,” Mysten’s team stated, noting the scalability of existing chains as well as the lack of compatibility of many smart contracts.
Mysten claimed it expected to introduce a “next-generation NFT platform for the Metaverse” in 2022, in addition to developing Web 3.0 infrastructure. The goal of the project is to make it easier for users to migrate items across virtual environments without affecting functionality.
The Mysten lab Team
Mysten Labs is led by CEO Evan Chang, CTO Sam Blackshear, COO Adeniyi Abiodun, and chief scientist George Danezis, and was founded in September 2021 by former cryptographic program engineers behind the blockchain architecture for Facebook‘s — now Meta’s — crypto-payments platform Diem and mobile wallet Novi.
David Marcus, Novi’s most recent CEO, stated on Dec. 1 that he would be stepping down before the end of the year. In October, Meta — formerly Facebook — began testing Novi in the United States and Guatemala.
