Former Facebook engineers at Mysten Labs raise $36M for Web3 infrastructure

Former Facebook engineers at Mysten Labs raise $36M for Web3 infrastructure
© Reuters.

Mysten Labs, the research and development firm founded by former engineers from social media giant Facebook (NASDAQ:FB), has announced the completion of a $36 million funding round towards its goal developing a Web 3.0 infrastructure platform.

In a Monday announcement on Medium, the team behind Mysten Labs said the firm had raised $36 million in a Series A funding round led by Andreessen Horowitz with participation from Redpoint, Lightspeed, Coinbase (NASDAQ:COIN) Ventures, Electric Capital, Standard Crypto, NFX, Slow Ventures, Scribble Ventures, Samsung (KS:005930) NEXT and others. According to a CNBC report, CEO Evan Cheng said Mystery would use the funds to build the infrastructure necessary for cryptocurrency- and blockchain-focused firms to deliver technology.

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