As Facebook’sVenture investors continue to give alumni lots of money for their entrepreneurial endeavors, as the crypto industry continues to lose talent.

Mysten Labs is the latest example. It was founded by four ex-coinmen. FacebookEngineers, such as Evan Cheng who was the director of research and design at Facebook’s Novi Financial Products unit.

Mysten’s CEO Cheng partnered up with Sam Blackshear and Adeniyi Abiodun to create the company. The three of them were all part of Novi, but they left the company in recent months.

Cheng said in an interview that Mysten had just raised $36million in funding from Andreessen Horowitz. Cheng explained that this cash injection will enable the founders to build infrastructure technology so other cryptocurrency- and blockchain-based businesses can deliver their technologies.

Cheng said that the two of them have long dreamed about doing something together. CNBC’s Cheng said that they are creating infrastructure that will, on the basis of our research, overcome many limitations.

The crypto market is growing with investors and new start-ups, but Facebook, now called Meta, has been a major exporter of developers, engineers and leaders.

David Marcus, head of Novi. announcedHe would leave the company after seven years. Marcus was one the co-founders of the Novi cryptocurrency wallet and Diem currency. Other founders Morgan Beller Kevin WeilLast year, left.

Riyaz Fazaullabhoy & Nassim Edequiouaq were in October left NoviTo be promoted to the top of Andreessen’s Crypto Team, also known as a16z Crypto.

Arianna Simpson (general partner, Andreessen Horowitz), said that Facebook’s recruiters have done an “amazing job” over the past few years. So we are excited to invest in top founders from wherever they may be.

Marc Andreessen is still a member of Meta’s Board.

Facebook stated in the beginning that its digital wallet would be available by 2020. Novi’s digital wallet finally launchedOct. powered by Coinbase. The Diem cryptocurrency remains secretive and is currently managed by an independent association.

Andreessen Horowitz, announcing a new initiative in June $2.2 billion cryptocurrency-focused fund. Simpson explained that Mysten’s technology will benefit many firm investments. It is working already with CeloAndreessen-backed startup ‘The Founders,’ which is working to develop a global payment platform.

Simpson stated that they are seeing lots of interest from companies within our portfolio. They require a high level of technical knowledge and technical proficiency that is sometimes beyond the reach of even highly skilled technical teams.

Cheng explained that Mysten follows the same model many crypto projects follow. Instead of generating revenue through products or services, Mysten plans to keep tokens representing the different blockchains it works with and hope to make a profit as they grow in value.

Cheng explained that Cheng was not building a service for people to pay extra money. We become part-owners and partners in the network, while our partners enjoy the benefits of the technology. In return, we receive a share of their network shares. It’s mutually beneficial.

Cheng indicated that he had enjoyed working at Facebook and was still optimistic about its efforts in crypto. However, it was extremely difficult for Novi and Diem launch “given current regulatory conditions.”

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