A crypto startup founded by former Meta execs is seeking to raise at least $200 million in a new round of funding with a target valuation of $2 billion.
Mysten Labs is building out a new blockchain network for web3 applications. The Series B round, according to The Information, would be led by FTX Ventures.
Talks around the funding round are ongoing, and according to the outlet, the $2 billion valuation is subject to change based on whether 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, one of the people cautioned."
The valuation of its $36 million Series A, which was led by Andreessen Horowitz in December 2021, is not known.
Mysten's Series B round would be a notable feat at a time when crypto markets have fallen since the start of the year. Despite the current market trends, big-name VCs are not shying away from web3-related investments.
a16z announced a $4.5 billion crypto fund in the spring, and FTX's Sam Bankman-Fried has made investments through FTX Ventures, its $2 billion venture fund.
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