Former Facebook engineers at Mysten Labs raised $36 million for Web3 infrastructure

Mysten Labs, a research and development company founded by former engineers of social media giant Facebook, announced that it has completed a $36 million financing to achieve its goal of developing a Web 3.0 infrastructure platform.

In Monday’s Medium announcement, the team behind Mysten Labs Said The company raised US$36 million in Series A financing led by Andreessen Horowitz, with participation from Redpoint, Lightspeed, Coinbase Ventures, Electric Capital, Standard Crypto, NFX, Slow Ventures, Scribble Ventures, Samsung NEXT and others. According to CNBC, CEO Evan Cheng Said Mysten will use these funds to build the infrastructure needed by companies focused on cryptocurrency and blockchain to provide technology.

“We believe that the fundamental limitations of the existing encryption infrastructure hinder the widespread adoption of web3,” Mysten’s team said, noting the scalability of existing chains and the lack of interoperability of many smart contracts.

In addition to developing the Web 3.0 infrastructure, Mysten stated that it plans to launch “Metaverse’s next-generation NFT platform” in 2022. The project aims to make it easier for users to move assets in different virtual environments without sacrificing functionality.

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Mysten Labs was founded in September 2021 by the former encryption program engineer behind the blockchain architecture of Facebook (now Meta) encrypted payment platform Diem and mobile wallet Novi. It was founded by CEO Evan Chang, CTO Sam Blackshear, and COO Officer Adeniyi Abiodun and Chief Scientist George lead Danitz. Novi’s newest head, David Marcus, announced on December 1st Plan to step down By the end of this year. Yuan-then Facebook- Started trial of Novi in ​​the U.S. And Guatemala in October.