Evan Cheng, the CEO, and co-founder of Mysten Labs, and Sui Blockchain is reportedly gathering money for a venture fund that will invest in web3.
Who Is Evan Cheng?
Evan Cheng is the CEO and Co-Founder of Mysten Labs. Previously, he worked at Facebook as the Engineering Director of Calibra, Blockchain, assisting the Research (crypto, system, PL, verification) and Dev Platform (Move) teams.
Cheng spent more than ten years working for Apple before joining Mysten, and up until last September, he served as chief of research and development for Meta's Novi cryptocurrency wallet. The crypto projects of Meta are worked on by all five of Mysten's founders.
The Sui blockchain is a quick and inexpensive blockchain that makes use of new data structures and the Meta-developed Move programming language. Also using the Move language is Aptos, a well-known Layer 1 blockchain that was established by former Meta executives. In a sector already filled with proven blockchains like Ethereum, Solana, and Avalanche, both chains are vying for market share.
Evan Cheng Is Attempting To Raise Over $100 Million For A Web3 Fund
Evan Cheng, the CEO, and co-founder of Mysten Labs is reportedly gathering money for a venture fund that will invest in web3. In order to raise more than $100 million, he is currently in the early phases of promoting the fund to restricted partners (Cheng's spokesperson declined to comment).
According to Crunchbase data, Mysten Labs' layer 1 blockchain Platform has generated a lot of attention from VCs and raised a total of $336 million through the end of 2021. It is still in the Testnet phase and has not yet been released.
The source added that Cheng would continue to serve as CEO of Mysten and that investment in the new fund would not divert Cheng from his regular duties at Mysten. Cheng is also now negotiating with prospective limited partners as well as general partners for the fund.
According to information from Crunchbase, Cheng has been very interested in assisting businesses like Verida and Reverie Labs in addition to managing his crypto unicorn. One of the sources claimed that he intends to raise money for some time.
According to Crunchbase data, Mysten Labs has also made seven balance sheet investments in businesses including Ethos and Scale3 Labs. Yet, you shouldn't conflate Sui's ecosystem fund with Cheng's new fund, claim two of the well-known sources. It will have a sizable pool to invest in web3, which might include initiatives in the Sui ecosystem but is not restricted to them.
Be sure to check out Suipiens website and social media channels to stay up-to-date on all things about Sui Blockchain!