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Web3 infrastructure startup Mysten Labs unveils its Layer 1 blockchain

Mysten Labs, a web3 infrastructure startup founded by four former Meta engineers, has unveiled its inaugural product: a Layer 1 blockchain called Sui. Sui is a permissionless proof-of-stake blockchain network being developed by Evan Cheng, Sam Blackshear, Adeniyi Abiodun, and George Danezis — who all worked at Novi (the crypto unit of Meta) before founding Mysten Labs. At Novi, they helped develop the Diem blockchain and the Move programming language. Sui is now an advanced version of Diem, being designed …

A16z invests $36 million in a startup created by four ex-Meta engineers

Investment firm Andreessen Horowitz (a16z) announced Monday that it invested in Mysten Labs, a blockchain and Web3 development company co-founded by four ex-Meta employees. CNBC first reported the investment figure to be $36 million.  The CEO of Mysten Labs is Evan Cheng, former director of research and development (R&D) at Novi — a digital wallet project formed out of the tech company Meta (previously known as Facebook). Joining Cheng at Mysten Labs is Sam Blackshear, former Novi engineer, as CTO; Adeniyi …