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Former Facebook engineers at Mysten Labs raise $36M for Web3 infrastructure

Mysten Labs, the research and minutiae firm founded by former engineers from social media giant Facebook, has spoken the completion of a $36 million funding round towards its goal developing a Web 3.0 infrastructure platform.

In a Monday utterance on Medium, the team overdue Mysten Labs said the firm had raised $36 million in a Series A funding round 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 a CNBC report, CEO Evan Cheng said Mysten would use the funds to build the infrastructure necessary for cryptocurrency- and blockchain-focused firms to unhook technology.

“We believe fundamental limitations in existing crypto infrastructure are frustrating broader adoption of web3,” said Mysten’s team, citing the scalability of existing villenage as well as the lack of interoperability of many smart contracts.

In wing to the minutiae of Web 3.0 infrastructure, Mysten said it planned to launch a “next-generation NFT platform for the Metaverse” in 2022. The project is aimed at permitting users to increasingly hands move resources wideness variegated virtual environments without sacrificing functionality.

Related: Sommelier partners with Mysten Labs to launch Cosmos smart contracts

Founded in September 2021 by former cryptographical program engineers overdue the blockchain tracery for Facebook’s — now Meta’s — crypto-payments platform Diem and mobile wallet Novi, Mysten Labs is led by CEO Evan Chang, CTO Sam Blackshear, COO Adeniyi Abiodun, and senior scientist George Danezis. The most recent throne of Novi, David Marcus, spoken on Dec. 1 he planned to step down by the end of the year. Meta — then Facebook — began piloting Novi in the United States and Guatemala in October.

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