Sui Blockchain’s Backers
Sui is backed by some of the world’s leading venture capital firms, including Andreessen Horowitz, FTX Ventures, Binance Labs, Accel Partners, and Benchmark Capital
A lot of potential investment funds, including Andreessen Horowitz (a16z), FTX Ventures, and Binance Labs, are investing in Sui Blockchain, the first permissionless Layer-1 blockchain platform. You can't afford to miss the information in this article regarding these big investment funds.
Introduction
You may have heard about Sui Blockchain, one of the latest blockchains to take the world by storm. But do you know who is behind it? In this blog post, we'll introduce you to Sui Blockchain's backers and explain why they are so passionate about this new blockchain. We'll also discuss how investors believe it has the potential for success. So if you're curious about Sui Blockchain, read on! You won't regret it.
What Is Sui Blockchain
The first permissionless Layer-1 blockchain platform, SUI, was created from the ground up to give creators and developers the tools they need to build Web 3.0 experiences for billions of people. SUI can handle all jobs on one network and is horizontally expandable to serve a variety of development applications. Block times range from two to three seconds and are scalable to several hundred thousand TPS.
The Move programming language is the foundation of Sui. Facebook originally developed Move to further the Diem project. However, Sui Blockchain later inherited and continued to work on this project after it was scrapped.
Sui Blockchain Fundraising Process
Sui is a blockchain project of the latest generation that has the benefits of scalability and low latency. This is accomplished by processing transactions concurrently, maximizing resource use, and enabling throughput scalability. Many investment institutions are keeping an eye on SUi Blockchain because it was developed as a prospective project with the potential to fix flaws in other Blockchains. Additionally, the expertise of the staff members from major corporations, particularly Meta, adds to the reliability of SUi, contributing to the project's outstanding performance in raising money in two series.
Series A
- Announcement date: 6/12/2021
- Amount raised: 36 million USD
- Lead investor: a16z
- Other investors: NFX, Scribble Ventures, Redpoint, Lightspeed Venture Partners, Slow Ventures, Standard Crypto, Electric Capital, Samsung NEXT, Coinbase Ventures…
Series B
- Announcement date: September 8, 2022
- Amount raised: 300 million USD
- Lead investor: FTX Ventures
- Other investors: a16z, Jump Crypto, Apollo, Binance Labs, Franklin Templeton, Coinbase Ventures, Circle Ventures, Dentsu Ventures, Greenoaks Capital, Lightspeed Venture Partners, Sino Global, O’Leary Ventures,…
Typical Sui Blockchain’s Backers
Sui Blockchain is fortunate to have the backing of a number of notable investors who are committed to its success in the Sui fundraising process. Sui is backed by some of the world’s leading venture capital firms, including Andreessen Horowitz, FTX Ventures, Binance Labs, Accel Partners, and Benchmark Capital. Let's review some details regarding these prospective investors.
Andreessen Horowitz (a16z)
Everyone in the cryptocurrency sector is undoubtedly familiar with the investment fund Andreessen Horowitz (a16z). They don't only concentrate on one area of cryptocurrency; they also participate in a wide range of others, including Layer 1, DeFi, NFTs, gaming, DAOs, social tokens, decentralized social networks, Web 3, and even brand-new niches.
A16Z is typically not an investment fund that joins from the fundraising rounds too early in layer 1 deals; instead, they frequently join from round 2, number 3. However, they are always the ones since they join every time. investment lead round: The investment round often includes a sizable sum of money and demonstrates the fund's commitment to the project (investing more than once). This is also the rationale behind the investment fund managed by Andreessen Horowitz (a16z), which is prepared to invest up to 36 million dollars in a potential Blockchain business.
Why did Andreessen Horowitz (a16z) invest in Mysten Labs? Let's discuss this. The fund recognizes that Layer 1 blockchains must scale and move quickly to keep up with demand. Mysten Labs is also utilizing the blockchain to its maximum extent. Scalability and programmability issues will need to be resolved for web3. In other words, A16Z invests in Mysten Labs' bright and experienced employees in addition to its solutions.
FTX Ventures
A private investment company called FTX Ventures was established by the well-known bitcoin exchange FTX. The fund's mission, according to the creators, is to hasten the global adoption of blockchain and Web3 technologies. Investment targets include initiatives in a variety of industries, including social media, video games, fintech, software, and healthcare. Sam Bankman-Fried has chosen each of these areas as the focus of the cryptocurrency sector in 2022.
One of the highest-valued cryptocurrency funds is FTX Ventures, with an initial investment of up to 2 billion USD. It is therefore not unexpected that FTX Ventures is the company with the most investors in Sui Blockchain's series B funding.
Binance Labs
The venture capital division of the Binance exchange, known as Binance Labs, was launched in 2018. This unit has invested money in more than 200 projects across more than 25 nations thus far. Through the Binance Labs Incubation Program, Binance Labs has supported almost 50 projects pertaining to the Web3 industry. The Series B funding from Binance Labs will be utilized to strengthen the Sui blockchain's fundamental infrastructure and hasten the uptake of this ecosystem on the exchange.
He Yi, co-founder of Binance and director of Binance Labs, said in a statement regarding the partnership that they anticipate users using blockchain products without any difficulty in the future. The network is still congested right now, though.
Sui, in the opinion of Binance, can offer a developing environment for various digital assets. Throughput and storage may be scaled horizontally as needed by the project thanks to these improvements. Sui managed to keep transaction fees in check at this time. Binance Labs will concentrate on funding infrastructure initiatives that offer creative solutions to this problem. Binance Labs also anticipates that the Mysten Labs team will soon be able to develop the necessary infrastructure to speed up Web3 adoption.
Final Thought
With such strong backing, it is evident that Sui Blockchain will continue to grow and develop into one of the most popular blockchains available. The company has promised much transparency to its investors in terms of fund management which gives them an edge over other companies who might not be as forthcoming about their financials. With such a motivated team behind it, there is no doubt that Sui Blockchain will become one of the leading blockchains in the industry.
Be sure to check out Suipiens' website and social media channels to stay up-to-date on all things about Sui Blockchain!