Figment Capital has announced its investment in Mysten Labs through participation in the $300M Series B round, which has been termed as the result of the hard work put in by Mysten Labs. Figment Capital congratulated the team for securing the investment, stating that they were impressed by the tech expertise, unique vision, and professionalism of Mysten Labs.
Mysten Labs and Figment Capital go beyond this relationship as both have wrecked closely, wherein Figment has served as its validator and business partner. The tag of an investor adds another point to their already established relationship.
Mysten Labs is backed by a team of senior research scientists and engineers who have joined from across the globe with no demographic barriers.
What attracted Figment Capital the most towards investing in Mysten Labs was the potential of Sui Blockchain in solving key challenges that users face in taking their projects forward while scaling. Sui Blockchain delivers a world-class performance by scaling out validators.
The update was shared by publishing a blog post where Figment Capital shared its thoughts on scaling. The venture looks at scaling in two different ways.
The first way is that users can scale up their applications if they get access to greater performance. An improved blockchain can support more features like token swaps, transactions, and NFT mints, to mention a few.
Another way is that scaling unlocks impractical applications at lower performance levels. While Sui Blockchain will drive existing Web3 applications to greater heights, the main target will be the ones that are yet to be launched in the industry, especially those that could not be built due to lower performance.
Sui’s Move programming language is another factor to look out for. The programming language ensures memory safety, provides formal verification and avoids common dangerous design choices. This further reduces the exploitability of smart contract code for the enhanced protection of users & developers.
The move is said to be the best framework for writing smart contracts. Experts believe it will play a key role in boosting the mainstream adoption of Crypto worldwide.
Cryptocurrency has been facing drawbacks while going regulated and legal in several regions. This has affected its adoption among users. Provided the move by Mysten Labs works and it does manage to drop a convincing success, cryptocurrency could experience quicker adoption within the community.
This would be the second revolution following the launch of cryptocurrency and the achievement of a huge milestone heading towards the application of Web3.
The talent and technology required to advance the crypto industry are all present with Mysten Labs. With the added support of Figment Capital, it is expected to deliver on the commitment and justify the recent fundraising round to the best of its abilities. Figment Capital is highly optimistic about single-writer apps that leverage the speed and throughput of Sui Blockchain.