A crypto startup established by former Meta execs, Mysten Labs, is seeking $200 million in a Series B funding round that aims to be at a $2 billion company valuation.
Mysten Labs is looking forward to build a new blockchain network for Web3 applications where FTX ventures would be leading the ‘series B’ round. The Information said, “a significantly higher valuation than its prior round” is the target as the company was aiming for a $2 billion valuation.
“Investors have so far committed at least $140 million to the round”, according to the People. The $2 billion valuation can change depending on whether the equity investors “receive additional warrants giving them the right to buy tokens that would work with its blockchains, as well as the strike price to exercise those options”.
Mysten can change things around by a successful fundraising campaign during nosediving crypto prices and cataclysm among the crypto lending companies. This can show if investors are still excited to pour money into startups with founders that are building products to increase the adoption of crypto.
Mysten Labs completed a financing round led by a16z in December last year generating $36 million. It further plans to launch a revolutionary NFT platform for the Metaverse in 2022, which would enable users to move assets between different virtual environments without sacrificing functionality.
