The Sui blockchain protocol’s creator, Mysten Labs raised funds from influential players in the Web3 industry. FTX served as the lead investor in the Mysten Labs Series B, which also included participation from Andreessen Horowitz (a16z), Binance Labs, Apollo, Franklin Templeton, Jump Crypto, Coinbase Ventures, Lightspeed Venture Partners, Circle Ventures, Greenoaks Capital, Sino Global, Dentsu Ventures, and O’Leary Ventures.
The Sui blockchain, a popular concept from Mysten Lab, has not yet been released. The protocol was developed as a payment protocol that may act as a bridge for the next billion consumers to enter the world of blockchain, drawing on the experiences of the five co-founders with Meta Platforms’ defunct payment blockchain, Diem, and Novi Wallet.
The Mysten team intends to utilise the funds gained to hasten the release of the Sui blockchain protocol, make investments in the Sui ecosystem, and increase its presence in the Asian market.
The founders of Facebook take satisfaction in creating a complex protocol that improves the user and developer experience. As previously stated, the protocol will address the issues of bad onboarding, expensive fees, inadequate scalability, and constrained use cases.
The Diem protocol, which was eventually sold to Silvergate Bank, served as the inspiration for the Sui blockchain system, which was developed using the in-house programming language Move. Sam Blackshear, co-founder of Mysten and its chief technology officer, created the Move language.
Diem and the forthcoming blockchain protocol Aptos were both developed using the Move language. The Information initially alluded to this Mysten’s most recent financing round when it reported in July that the company was on track to raise $200 million from investors to surpass a $2 billion value. The most recent round achieved the expected valuation, demonstrating the report’s accuracy.