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Kwil Receives $9.6M in Funding from FTX Ventures and DCG

by Blockchain NewsSeptember 25, 2022

Decentralized database solutions Kwil has received a $9.6 million fundraise from crypto venture capital firms FTX Ventures and Digital Currency Group (DCG) according to a filing lodged with the United States Securities and Exchange Commission (SEC).

FTX gives support to most of the cryptocurrencies that are popularly traded. FTX trading supports over 300 projects in the crypto world. The unique products of FTX include stake, leverage tokens, Fiat, Futures, and spot markets. At the same time, Digital Currency Group (DCG) builds and supports bitcoin and blockchain businesses by leveraging knowledge, network, and access to capital.

Kwil is the first distributed decentralized SQL database solution for building advanced dApps and protocols. It ensures large amounts of blockchain data are stored and processed in a short amount of time. This process allows dApp access to its data when plugged into other applications. KwilDB has unique features and allows customers to build products that make its customers superior to their competitors.

The decentralized SQL database for Kwil’s users is referred to as KwilDB. Based on a distributed SQL database, KwilDB developers can enjoy the luxury of easily accessing other data sets. Developers can easily choose which data they want to build their app on. KwilDB Web3.0 offers an unprecedented developer experience with comprehensive data aggregation, unlike the traditional Web2.0 database.

Crypto exchange companies FTX Ventures and DCG will both benefit from investing in Kwil by getting returns from their investments while Kwil uses the funds to build structures for its users and developers.

Kwil currently partners with companies such as Blockchain, Amplify, Arweave, NGC Ventures, FJ LABS, and DCG for funding and insights into the blockchain industry.

Coming off as one of the core protocols to receive VC funding, Kwil has now been added as one of the outfits being envisaged to lead the future of Web3.0 per its primary offerings.

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FTX Ventures Looks to Acquire 30% Stake in SkyBridge Capital – Report

by Blockchain NewsSeptember 10, 2022

FTX Ventures has announced its intention to take a 30% stake in the crypto venture capital firm, Skybridge Capital, using its investment division.

According to CNBC, the two firms reached another stage of their collaboration on Friday.

In conformity with a press release, FTX Ventures’ investment will give SkyBridge more operating capital so it can finance expansion plans and the launch of new services. Additionally, SkyBridge plans to use a proportion of the funding to invest $40 million in cryptocurrencies that it will keep as long-term investments on its balance sheet.

Skybridge relates that the deal represents a new phase of collaboration between the two entities. Meanwhile, The two crypto investment firms had formerly signed a multi-year collaboration to sponsor global SALT conferences and co-present Crypto Bahamas.

Founders of FTX Ventures and Skybridge Confident About their Partnership

Commenting on the collaboration between them, Bankman-Fried displayed his enthusiasm as regards them working on similar priorities.

According to him, “After working with Anthony and his team following our SALT conference partnership, we saw there was an opportunity to work closer together in ways that could complement both our businesses. We look forward to collaborating closely with SkyBridge on its crypto investment activity and also working alongside them on promising non-crypto-related investments.”

SkyBridge, previously known as traditional hedge funds, was founded in 2005, transitioned to cryptocurrency during the bull run, but was affected by the most recent decline in the cryptocurrency market.

Bloomberg news reported that SkyBridge suspended redemptions from one of its funds with exposure to FTX after July’s severe onslaught. Nevertheless, despite the situation of the market, the investment firm says that SkyBridge remains profitable and debt-free.

Regardless of the short-term setbacks, Scaramucci Appears to be optimistic about Bitcoin in the long run. following a report by Business Insider, the investment company also intends to launch a Web3.0-focused fintech startup

It is worth mentioning that FTX ventures management is pushing to buy the remaining assets of Steven Ehrlich’s founded investment Voyager Digital since the crypto lender halted withdrawals and filed bankruptcy in a United States Bankruptcy court.

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Tagged : FTX VENTURES / News / Skybridge Capital

FTX Ventures Leads $300m Series B Funding for Mysten Labs

by Blockchain NewsSeptember 9, 2022

Mysten Labs, the startup behind the highly hyped Sui blockchain protocol, has raised $300 million from top investors in the Web3.0 ecosystem.

The Mysten Labs Series B was led by FTX Ventures and enjoined participation from Andreessen Horowitz (a16z) as well as Jump Crypto, Apollo, Binance Labs, Franklin Templeton, Coinbase Ventures, Circle Ventures, Lightspeed Venture Partners, Sino Global, Dentsu Ventures, Greenoaks Capital, and O’Leary Ventures amongst others.

Mysten Lab’s mainstream innovation, the Sui blockchain, is yet to be launched. Drawing on the experiences of the 5 Co-Founders with Meta Platforms’ defunct payment blockchain, Diem and Novi Wallet, the protocol was created as a payment protocol that can serve as the gateway for the following billion users to wade into the world of blockchain.

The Mysten team hopes to use the acquired funds to accelerate the launch of the Sui blockchain protocol and invest in the Sui ecosystem while also expanding its footprint into the Asian market.

The Facebook veterans pride themselves in building a multifaceted protocol that offers enhanced user and developer experience. As announced, the protocol will solve the challenges of low scalability and high fees, poor onboarding experiences, and limited use cases.

While taking similarities to the Diem protocol, which was later sold to Silvergate Bank, the Sui blockchain protocol was created through the in-house developed programming language, Move. The Move language was developed by Mysten Co-Founder and Chief Technology Officer Sam Blackshear. The Move language was used to create Diem as well as the upcoming blockchain protocol, Aptos.

This Mysten’s latest funding round was first hinted at by The Information, who said back in July that the firm was on track to pull $200 million from investors to top a $2 billion valuation. The report has proven to be accurate as the latest round hit the projected valuation.

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Tagged : A16Z / Finance / FTX VENTURES / Mysten Labs / SUI BLOCKCHAIN

Web3 Startup Mysten Labs Seeks $200m in Series B Financing, Closing Valuation at $2B

by Blockchain NewsJuly 12, 2022

Mysten Labs, a crypto startup founded by former Meta executives, is closing a Series B round that could value the company at $2 billion

The financing process is still in intense discussions, and Mysten Labs is actively seeking at least $200 million in Series B financing led by FTX Ventures. Investors led by FTX Ventures have committed at least $140 million in the round, The Information reported.

After this financing, the company could be valued at $2 billion. But the winner depends largely on whether stock investors get additional warrants that give them the right to buy tokens used with their blockchain, and the strike price for exercising those options.

Mysten Labs is built to accelerate the adoption of web3. Mysten Labs was founded in September 2021 by four former senior engineers in Facebook’s (now Meta) encryption division. The founders include Evan Cheng, who also worked at Apple for 10 years and is currently the CEO of Mysten.

The other three core members are Sam Blackshear, Adeniyi Abiodun and George Danezis who worked together at Novi Research (Meta’s advanced cryptographic R&D team).

Mysten Labs completed a $36 million financing round led by a16z in December last year.

It plans to launch a “next-generation NFT platform for the Metaverse” in 2022, making it easier for users to move assets between different virtual environments without sacrificing functionality.

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Tagged : Bitcoin / Blockchain / Finance / FTX VENTURES / Meta / Mysten Labs