Founded by a team of former Meta employees, Mysten Labs has closed a $300 million Series B funding round at a valuation of $2 billion. The funds will be used to build the underlying infrastructure and accelerate adoption of the Sui blockchain.

The firm plans to increase the team and develop expansion in the Asia-Pacific region.

The investment round was led by FTX Ventures. Funding was also provided by Coinbase Ventures, Jump Crypto, Andreessen Horowitz, Circle Ventures, Binance Labs, O’Leary Ventures, and others.

Investors will receive stocks as well as collateral for their own tokens.

Sui will be based on the Proof-of-Stake consensus algorithm and will use transaction parallelization to achieve high throughput, low latency and low fees.

The project also aims to solve the problems of improving customer acquisition processes, interacting with developers, and increasing the number of use cases.

Speaking to Cointelegraph, Mysten Labs co-founder and CEO Evan Cheng said that current Web3 infrastructure is similar to the state of the modern era – “slow, expensive, limited features, insecure and absolutely difficult to build.”

In 2018, Cheng transitioned from head of engineering at Facebook to director of blockchain engineering.

The co-founder of Mystic Labs is joined by former engineers of Sam Blackshear and George Danezis, and Adeni Abiodun, head of the product department of the Novi project.

Recall that in December 2021, the startup raised $36 million.

Previously, the “Scalable Blockchain for Billions of People” team Aptos closed its $150 million Series A funding round.

The startup’s founders have worked on Facebook’s Diem (formerly Libra) project in the past.

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