Mysten Labs CEO to Invest in Establishing Web3 Venture Capital Firm
The co-founder and chief executive of Mysten Labs, Evan Cheng, reveals plans to invest in Web3 venture capital. In an interview with “The Scoop Podcast” dated February 27, Cheng plans to engage a team of experts to explore the Web3 space.
At the beginning of February, Cheng approached multiple lending platforms and crypto firms to raise $100 million to launch a Web3 project. During his recent interview, Cheng revealed plans to meet with potential investors to deliberate on his new project.
Cheng Seeks for Web3 Funding
In the February 27 report, Cheng revealed the need to develop a user-friendly Web3 funding program to shield investors’ interest and stimulate the growth of the digital space. Having vast experience in the Web3 field, Cheng believes investing in crypto will enable the investor to leap measurable results.
Notably, Cheng and the other co-founders worked at Meta subsidiary companies. Their vast experiences in Web3 projects inspire Mystsen Labs to integrate Meta’s Layer 1 technology which is crucial for developers to build their decentralized applications and execute Web3 projects.
The innovative solution Cheng and his team provided has made the firm an excellent one-stop shopping avenue for venture investors. As per data captured by Crunchbase, Mysten Labs has hosted 3 Series C funding rounds that generated $336 million between the end of 2021 and last September.
Beyond this, the Mysten team remains committed to launching its initial testnet phase this year.
Mysten Labs Next Move
In his report, Cheng argued that his new venture would integrate new technologies, unlike the traditional ecosystem fund centered on the Sui blockchain. The Sui platform is a blockchain technology built on the Ethereum (ETH), Avalanche (AVAX), and Solana (SOL) ecosystems.
He vowed to invest in developing a friendly funding platform for the Mysten community and global venture investors.
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