The Facebook veteran built the company's Web 3 infrastructure and 16z grossed $ 36 million.

Web infrastructure company 3 Mysten Labs has raised $ 36 million in Series A funding led by Andreessen Horowitz (a16z). The startup was developed by a cryptocurrency veteran from the Facebook company and will soon announce the Non-Fungible Token (NFT) platform.

Arianna Simpson, General Partner of 16z, said: “There is a growing need for increasingly secure smart contract design tools. Mysten has the expertise and expertise to make the chain more efficient. Improving the user experience by solving the complexities of blockchain integration is the key to attracting more Web 2 technology to start developing Web 3 applications. "

Mysten was created by a former co-founder of Novi Research, Facebook's cryptocurrency research and development arm, renamed Meta. Mysten CEO Evan Cheng led Novi and helped develop the Diem blockchain and Move programming languages.

Start working with existing networks to integrate Mysten technology and develop open source processes based on products developed by Mysten. For example, Narwhal, an approach focused on capacity building, is under development and will be deployed on the Celo and Sommelier networks. As mentioned earlier, Mysten also plans to launch its next-generation NFT platform.

“The new blockchain has been developed with a unique design that has not been seen in the current ecosystem. In addition to the great scalability, there are also new functional models related to NFTs. It uses NFTs. These NFTs are configurable and evolve over time, subject to change.

A16z has become one of the most popular in the cryptocurrency industry. This summer, the company raised $ 2.2 billion for its third tier cryptocurrency. Company partner Chris Dixon is the sponsor of the Web 3 project.