Andreessen Horowitz invests in a Web3 based startup
The company will invest $36 million in a startup founded by former Meta employees
07.12.2021 - 09:50
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What’s new? The Investment company Andreessen Horowitz (a16z) has announced on its website that it will invest $36 million in Mysten Labs. The project aims to improve and simplify the Web3 infrastructure for the blockchain developers and create more efficient tools for creating smart contracts. The founders of the startup are former Meta employees.
Who is the part of the developers? The Mysten Labs team has extensive experience with Web3, programming languages, distributed systems, and cryptography. CEO Evan Cheng was the head of Novi Research, Meta's cryptography research and development division. There he worked with Mysten’s other co-founders (Sam Blackshear, Adeniyi Abiodun, and George Danezis). They also worked on the creation of the Diem blockchain and the Move programming language.
How do the developers see the project? Cheng stated that the company plans to store the blockchain tokens it works with and hopes to generate revenue only in that way:
“We are not building a service where we charge other people money for them to use this. Our partners get access to the technology, and we become co-owners in their network. We take back a portion of the network shares in return. So it’s a mutually beneficial kind of relationship.”
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