Mysten Labs, the firm designing the the yet-to-release layer-1 blockchain Sui, has secured $300 million via fundraising dedicated towards developing core infrastructure and fast-tracking the adoption of its Sui blockchain ecosystem. 

Specifically, The blockchain firm, which was established by former executives of social media heavyweight Meta last year, reportedly revealed details of its successful capital injection effort – $300 million in a Series B fundraising – led by crypto exchange venture division FTX Ventures.

Other Series B investors included Coinbase Ventures, Jump Crypto, Andreessen Horowitz’s a16z, Circle Ventures, Binance Labs and O’Leary Ventures, along with other investment funds and partners, with the freshly acquired capital injection bringing the firm’s valuation to exceed the $2 billion benchmark.

Apart from equity, investors will also receive warrants for native tokens to be traded on the future blockchain.

Mysten is reportedly the creating force behind the Sui blockchain, a proof-of-stake (PoS) layer-1 blockchain featuring a functionality dubbed “transaction parallelization” to achieve high throughput, low latency transactions and low transaction fees, which possess sufficient potential to rival current existing blockchains like Ethereum and Solana. 

Mysten co-founder and current Head Evan Cheng reportedly remarked that the freshly acquired capital would be devoted towards designing its technology, the firm’s hiring attempts and expansion to the Asia-Pacific area.

“This new funding will enable Mysten to continue to scale Sui, and we are grateful for the support from blue-chip investors and strategic partners who are aligned in our mission. It’s slow, expensive, capacity constrained, insecure, and simply hard to build for.”

The most recent funding is a sign showing that a few venture capital investors are not affected by the crypto bear market. A new report from Messari disclosed that $30.3 billion in funds received investments from VC entities in the first half of 2022, outpacing the entire fundraising year in 2021.