Developing a Layer-1 Blockchain
Co-Founder, and CEO of Mysten Labs Evan Cheng underlines that the financing will be used to develop the company’s technology, support hiring initiatives, and expand into the Asia-Pacific region.
Notable investors during the Series B funding round include Binance Labs, Coinbase (NASDAQ:COIN) Ventures, Jump Crypto, Andreessen, Circle Ventures, Horowitz’s a16z, and O’Leary Ventures. In addition to stock, investors will receive warrants for native tokens that can be traded on the future blockchain.
On the Flipside
By securing the finances, Unicorn company Mysten Lab increased its market value to over $2 billion. The company was created in September 2021 by former cryptographic program engineers from Meta’s Diem crypto-payments platform, Move programming language, and the Novi mobile wallet.
Why You Should Care
According to a recent Messari report, VC firms invested $30.3 billion in funds in the first six months of 2022, exceeding the entire level funds raised in 2021. This suggests that venture capital investors remain unphased by the crypto bear market.
Find out about Meta’s attempts to realize their vision for the metaverse:
Meta to Invest $150 Million Into Immersive Learning Program
Big Tech Metaverses: Everything You Need To Know About Meta, Microsoft (NASDAQ:MSFT), Google (NASDAQ:GOOGL), And Apple (NASDAQ:AAPL)
Continue reading on DailyCoin
Source: Cryptocurrency - investing.com
