Mysten Labs Wants To Push Firm’s Valuation To $2 Billion

Mysten Labs Going For a Series B Funding Round

A company founded by ex-meta employees is seeking a $2 Billion valuation in a Series B funding round led by FTX Ventures. FTX Ventures is a venture capital arm operating under Sam Bankman Fried’s FTX crypto exchange. As per a news website, they have already piled up $140 Million out of their targeted $200 Million funding.

Co-founders of the organization — George Danezis, Adeniyi Abiodun, Sam Blacksheer and Evan Chang — raised $36 Million for the company back in December 2021 is Series A funding round. The round was led by Andreessen Horowitz at an unknown valuation of the company.

Mysten Labs primarily focuses on blockchain framework to enable decentralized applications involving crypto gaming. The co-founders worked for Zuck Bucks, then left and started their own startup. At Meta, they all were a part of Diem stablecoin project, which proved to be a big failure for the company.

What Impact Will Firm Make If They Reach The Target?

The organization’s core focus is Web3, the next iteration of the internet. If the company achieves their $200 Million target and reaches the valuation of $2 Billion, they can contribute significantly in Web3 development. It is considered as the foundation for the so-called metaverse, a digital realm with myriads of possibilities.

Nvidia, Microsoft, Meta, Apple, and many other tech mammoths are developing their own metaverses. Meta changed their name from Facebook to show the world that they will primarily focus on metaverse. Apple is still to unveil their VR goggles. Recently, a forum was created solely for this purpose, where prime players like Microsoft, Nvidia, Meta and more came together to contribute to the cause.

For those who are unaware of Web3, it is the son of Web2 and the grandson of Web1. To put it in a simple way, it is going to be an online space where users will be the owners instead of centralized organizations. Today, all the data we share on the internet is owned by some centralized entity. Web3 seeks to kick out those intermediaries among us.

Anurag S

Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.