“Our group recognizes fundamental limitations with existing crypto foundation are impeding wider adoption of Web 3.0,” according to Mysten’s group, specifically noting the variety of existing chains and the lack of interoperability among smart contracts as potential reasons for such limitations.
Mysten Labs, the innovative work firm established by former engineers from social media giant Facebook, announced it has successfully closed a $36 million funding round towards creating an Internet 3.0 foundation stage.
Mysten Labs announced on Medium on Monday that its Series A funding round, led by Andreessen Horowitz with support from Redpoint, Lightspeed, Coinbase Ventures, Electric Capital Standard Crypto NFX Slow Endeavors Scrawl Adventures Samsung NEXT was successful and had successfully raised $36 Million. According to CNBC report President Evan Cheng stated the funds will be used to create the infrastructure necessary for crypto-money and blockchain-related companies to deliver innovation.
“We acknowledge fundamental limitations within existing crypto framework are hampering more widespread adoption of Web 3.0,” noted Mysten’s group, noting the adaptability and lack of interoperability between existing chains as well as smart contracts as factors in this matter.
Mysten also announced its intentions of developing Web 3.0 framework, and an advanced NFT stage for the Metaverse by 2022. This initiative aims to give clients more efficient resource acquisition without compromising functionality in different environments.
Mysten Labs was launched in September 2021 by former cryptographic program engineers responsible for designing the blockchain infrastructure of Facebook (now Meta) crypto-installation platform Diem and mobile wallet Novi. Mysten Labs is led by President Evan Chang, CTO Sam Blackshear, COO Adeniyi Abiodun, and chief researcher George Danezis. Most recently Novi’s head, David Marcus announced on December 1 that he intended to venture within months – it has since been taken over by Meta in US and Guatemala starting Oct 10th 2021.