The partner of Andreessen Horowitz is a man.
Alumni of venture investors are getting a lot of money to do their own thing as Facebook's talent exodus continues.
Evan Cheng, who was director of research and development at Facebook's financial products unit, is one of the four former Facebook engineers who founded Mysten Labs.
Cheng, Blackshear, Abiodun, and Danezis formed the company. They all worked at the same place.
Cheng told CNBC that Mysten has raised $36 million in a funding round. Cheng said that the four founders will use the cash to build infrastructure technology to allow other companies to deliver technologies.
Cheng told CNBC that they had been dreaming about doing something together. We're building infrastructure that will overcome a lot of limitations.
Facebook has become an exporter of engineers, developers and leaders while the market is booming with new start-ups and investors.
David Marcus, the head of the company, announced last week that he would be leaving after seven years. Marcus was one of the co-owners of the digital wallet. Last year, Morgan Beller and Kevin Weil left.
Riyaz and Nassim Eddequiouaq left their jobs in Novi to join the team.
"They've done an amazing job at recruiting top talent over the last few years," said Arianna Simpson, general partner at the company. "We're excited to invest in the best founders, wherever they're coming from."
Meta's board has a co- founder of the venture firm on it.
The social networking site said it would launch its digital wallet and cryptocurrencies in 2020. The digital wallet was powered by Coinbase. The Diem coin is run by an association and is not open to the public.
Evan Cheng, the former director of research and development at Facebook, is now the CEO of Mysten Labs, a start-up that just raised $36 million in a funding round.
The new fund was announced in June. Simpson said that Mysten's technology can benefit many of the firm's investments. The company is working with Celo, a company that is working on a global payments platform.
Simpson said that they are seeing a lot of interest from other companies. It's a bit outside of their scope for a very talented technical team to do what they're doing.
Cheng said that Mysten is following a business model that other projects are following. Rather than making money from products and services, the company plans to profit from the value of the variousBlockchains that it's working with.
Cheng said that they are not building a service where they charge other people money for using it. We become co-owners in their network when our partners get access to the technology. We take back some of the network shares. It's a good kind of relationship.
Cheng said that it was difficult to launch Novi and Diem because of the regulatory framework.
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