Evan Cheng of Mysten Labs aims to raise over $100m for a Web3 fund
It is reported that Evan Cheng, CEO of Sui development company Mysten Labs, is seeking to raise more than US $100 million for a Web3 fund.
The CEO of M…
It is reported that Evan Cheng, CEO of Sui development company Mysten Labs, is seeking to raise more than US $100 million for a Web3 fund.
The CEO of Mysten Labs seeks to raise more than $100 million for a Web3 fund
Interpretation of the news:
Evan Cheng, CEO of Mysten Labs, is looking to accumulate more than $100 million for a Web3 fund. Web3, as Cheng has explained, is the third era of the internet, where blockchain technology and decentralized apps will transform the way users interact with the internet. Blockchain technology has been making waves in the industry for a few years, and now it seems that more firms and investors are interested in supporting it.
Mysten Labs is a development company that focuses on integrated blockchain and AI technologies. It’s no surprise that Cheng is looking to move into the Web3 space, given that he was formerly the director of engineering at Facebook, where he worked on blockchain technology. This move comes at a time when blockchain technology is becoming more mainstream, and more individuals and companies are interested in investing in this space.
Web3 is set to transform the internet by offering users more privacy and control over their data. Decentralized apps (dApps) and blockchain technology will give users an opportunity to control their transactions and data, rather than having to rely on centralized servers. One of the biggest benefits of Web3 is that it will allow individuals to interact with each other without involving intermediaries, reducing transaction fees and increasing efficiency.
In terms of funding, it remains to be seen whether Cheng will be able to raise $100 million or more for his Web3 fund. While there is interest in blockchain technology, it’s also true that many investors have lost money in the cryptocurrency market due to speculation and scams. However, if Cheng does manage to raise the funds, it could be a major boost for the Web3 space, offering more firms and developers the opportunity to explore this potentially revolutionary technology.
In conclusion, Evan Cheng’s decision to start a Web3 fund comes at an exciting time for blockchain technology. The Web3 era is set to transform the way we interact with the internet, and those who invest in this space now could reap significant rewards in the years to come. While fundraising for a Web3 fund may be challenging, there is no doubt that more investors and companies will become interested in this space, especially as blockchain technology continues to mature.
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