Former Facebook Engineer Founded Mysten Labs To Develop Web 3.0 Infrastructure

Mysten said it plans to launch a next-generation NFT platform for Metaverse. (photo credit: pixabay)

JAKARTA - Mysten Labs, a research and development firm founded by former engineers from social media giant Facebook, has announced the completion of a $36 million funding round for its goal of developing a Web 3.0 infrastructure platform.

In a Monday, December 6 announcement on Medium, the team behind Mysten Labs said the company has raised $36 million in a Series A funding round led by Andreessen Horowitz with participation from Redpoint, Lightspeed, Coinbase Ventures, Electric Capital, Standard Crypto, NFX, Slow Ventures, Scribble Ventures, Samsung NEXT and others.

According to a CNBC report, CEO Evan Cheng, said Mystery will use the funds to build the necessary infrastructure for cryptocurrency and blockchain-focused companies to deliver the technology.

“We believe underlying limitations in the existing crypto infrastructure are frustrating the wider adoption of Web 3.0,” said Mysten's team, citing the scalability of the existing chain as well as the lack of interoperability of many smart contracts, which Cointelegraph also cited.

In addition to developing Web 3.0 infrastructure, Mysten said it plans to launch a "next generation NFT platform for Metaverse" in 2022. The project aims to enable users to more easily move assets across different virtualized environments without sacrificing functionality.

Founded in September 2021 by the former cryptography program engineer behind the blockchain architecture for Facebook's crypto payments platform, now known as Meta, Diem and Novi mobile wallet, Mysten Labs is led by CEO Evan Chang, CTO Sam Blackshear, COO Adeniyi Abiodun, and chief scientist. George Danez.

Novi's newest head, David Marcus, announced on December 1 that he plans to step down at the end of the year. Meta Platform Inc, started testing Novi in the United States and Guatemala in October.