Four Meta Platforms Inc alumni, Evan Cheng, Sam Blackshear, Adeniyi Abiodun, and George Danezis are raising the sum of $200 million for their new blockchain protocol Mysten. As reported by The Information, citing two people familiar with the fundraising, the startup is looking at a $2 billion valuation should the funding hit the target amount.
FTX Ventures is reportedly leading this current round, joining the likes of Andreessen Horowitz (a16z) who previously led the first funding round the startup raised back in December last year.
There is a certainty that this current funding round could change and this change will depend “on whether equity investors receive additional warrants giving them the right to buy tokens that would work with its blockchains, as well as the strike price to exercise those options, one of the people cautioned.”
The Mysten protocol is brandished with scalability and speed, one that will dwarf the majority of Layer-1 protocols around today.
With uniquely designed capabilities, the Mysten protocol will have unique interoperability that will also outcompete those of Layer-2 networks. These advances are ideal as it will help usher in a crop of Web2.0 developers into the growing Web3.0 ecosystem.
Eulogizing the Meta Alumni Mysten Protocol
Evan Cheng and his co-founders all had experiences working on Meta-backed Diem Blockchain before its intellectual property was sold to Silvergate Bank a few months back.
As one of Mysten’s long-term backers, Andreessen Horowitz sees the protocol as a solution to many of the current challenges being recorded in today’s blockchain ecosystem. a16z believes the experiences of the backers in developing the Diem blockchain and Move programming language, as well as enabling breakthroughs in blockchain scalability, usability, and security will come in handy with the Mysten protocol.
“Mysten is building foundational infrastructure for web3 to tackle these challenges and accelerate development and adoption of decentralized services. There’s significant demand for more efficient and safe smart contract developer tooling, and Mysten has the technology and expertise to make major improvements across multiple chains,” a16z’s Arianna Simpson wrote in a blog post.
a16z is making good on its promise to drive advances in the Web3.0 ecosystem, and amongst its efforts, it has floated a series of funds to back new startups, some of whom Mysten is now a beneficiary.