Sunday, May 19, 2024

FTX plans to promote stake in Mysten Labs for $96M


CoinDesk Consensus

FTX has submitted a movement via which it intends to promote its stake in Mysten Labs, in response to a chapter court docket submitting on March 22.

The worth of the sale is estimated to be greater than $96 million. About $95 million of that quantity consists of shares, although it additionally contains $1 million of SUI token warrants — that’s, a promise to obtain Mysten Labs’ future crypto token when it’s launched.

FTX acquired these belongings by main a Sequence B fundraising spherical for Mysten Labs in August 2022 and in different transactions round that point. The fundraiser introduced in $300 million from FTX and different corporations and raised Mysten Labs’ valuation to $2 billion.

Proceeds from the sale are supposed to assist return worth to prospects within the aftermath of FTX’s collapse.

Mysten Labs builds the Sui Blockchain, which goals to behave as a competitor to Ethereum whereas offering higher scalability and transaction throughput. The challenge has gained preliminary assist from Chinese language tech and commerce large Tencent.

The Sui Blockchain remains to be in its early stage and its SUI token just isn’t in circulation.

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