Former Facebook crypto engineers raise $36mn for Mysten Labs

December 8, 2021
Mysten Labs, a crypto and blockchain technology start-up founded by four of former Facebook engineers just raised $36 million in a funding round. America’s venture capital company ‘Andreessen Horowitz’ led the funding and Arianna Simpson, general partner at Andreessen Horowitz said, “Facebook has done an amazing job at recruiting top talent over the last few years and we’re excited to invest in the best founders, wherever they’re coming from.”
Evan Cheng, Mysten’s CEO, partnered with Sam Blackshear, Adeniyi Abiodun and George Danezis to start the company. All four of them were working together at Novi and left Facebook a couple of months back.
“We’ve been dreaming about doing something together for a long time,” Cheng told CNBC. “We’re building infrastructure that, based on our previous research, will overcome a lot of limitations.”
Cheng said Mysten is adopting the business model that many other crypto projects are following. Rather than generating revenue from products and services, the company plans to hold tokens for the various blockchains that it’s working with, and hopes to profit as their value grows. While Cheng said he enjoyed his time at Facebook, remains bullish on the company’s efforts in cryptocurrency.
Source: CNBC
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