Mysten Labs announced the raise of $300 million dollars just a month ago. This valued the business at more than $2 billion. FTX Ventures led the Series B round. Other participants included a16z crypto, Jump Crypto, Apollo, Binance Labs, Franklin Templeton, Coinbase Ventures, Circle Ventures, Lightspeed Venture Partners, Sino Global, Dentsu Ventures, Greenoaks Capital and O’Leary Ventures.

Mysten Labs is a California-based web3 infrastructure company that launched the decentralized blockchain platform Sui in March of this year, 2022. Evan Cheng, currently Mysten Labs CEO, said they are hoping to “build a better blockchain” to improve scalability. Evan Cheng has spent the last 16 years at tech companies such as Apple and Facebook.

Sui’s use cases include facilitating airdrops to millions of people in a single, low-cost transaction; creator-owned decentralized social media networks; and developing blockchain gaming interactions such as equipment crafting, character leveling, and battle records stored on-chain. A token, $SUI, is also planned, which will be used to participate in the proof-of-stake network after the mainnet launch, at an unknown future date.