Mysten Labs, the research and development established by ex-developers from Facebook – reportedly disclosed details of a successful $36 million fundraising, to build a Web 3.0 infrastructure platform.

Specifically, the team behind Mysten Labs reportedly revealed that the entity has managed to reel in a $36 million capital injection via Series A fundraising. 

Led by Andreessen Horowitz, the funding round also saw Redpoint, Lightspeed, Coinbase Ventures, Electric Capital, Standard Crypto, NFX, Slow Ventures, Scribble Ventures, Samsung NEXT and others taking part. 

Per a report by CNBC, CEO Evan Cheng reportedly disclosed that Mystery would channel the financial support towards developing the infrastructure required for crypto and blockchain-centric companies to deliver technology. 

“We believe fundamental limitations in existing crypto infrastructure are frustrating broader adoption of Web 3.0,” Mysten’s team additionally claimed, mentioning the scalability of current chains, together with the interoperability insufficiency of numerous smart contracts.

Apart from the design of Web 3.0 infrastructure, Mysten revealed that it has plans down its pipeline to roll out a “next-generation NFT platform for the Metaverse” next year. 

The initiative will reportedly have a primary goal of providing a simplified method for users to transfer assets throughout different virtual environments without putting functionality at risk.

Established in September this year by former cryptographical program engineers working as the blockchain architecture for Facebook’ Diem and mobile wallet Novi, Mysten Labs is taken charge by CEO Evan Chang, CTO Sam Blackshear, COO Adeniyi Abiodun, and chief scientist George Danezis.