Mysten Labs
Mysten Labs is a Palo Alto-based blockchain infrastructure company founded in 2021 that builds the Sui Layer 1 blockchain, the Move programming language, and an integrated protocol stack (Walrus, Seal, DeepBook, Enoki) serving developers, financial institutions, gaming companies, fintechs, and AI-agent platforms.
- Company typePrivate
- Founded2021
- HeadquartersPalo Alto, United States
- Headcount11–50
- GTM typeB2B
- OfferingSoftware
What Mysten Labs does
Mysten Labs is a blockchain infrastructure company founded in 2021 by former Meta (Facebook) Diem/Libra engineering veterans, headquartered in Palo Alto, California with 150+ employees across 11 global locations and a remote-first operating model. The company is the original contributor to the Sui Layer 1 blockchain, which uses an object-centric data model and the Move programming language to enable parallel transaction execution, sub-400ms fast-lane payments, and horizontal scalability. Around the Sui core, Mysten Labs has built a vertically integrated protocol stack including Mysticeti (DAG-based consensus), DeepBook (on-chain central limit order book), Walrus (decentralized blob storage with Red Stuff 2D encoding and a WAL token), Seal (decentralized secrets management with identity-based encryption and threshold decryption), Kiosk (commerce layer), and Enoki (a "Stripe-like" digital asset API platform). Consumer-facing products include the Slush unified wallet (rebranded from Sui Wallet and Stashed in April 2025), the SuiPlay0X1 web3 handheld gaming console developed with Playtron, and the Sui Name Service.
The company serves developers, enterprises, financial institutions, gaming companies, fintechs, and AI-agent builders. Monetization spans multiple streams: venture funding (at least $336M disclosed across a $36M Series A led by Andreessen Horowitz in December 2021 and a $300M Series B led by FTX Ventures at a >$2B valuation in September 2022), usage-based fees through the Enoki API platform, SuiPlay0X1 hardware sales, an emerging institutional capital markets services line led by ex-Goldman Sachs Head of Digital Assets Mustafa Al Niama (appointed August 2025), and indirect economics through SUI and WAL token networks. The May 2026 launch of protocol-level gasless stablecoin transfers and the March 2026 launch of USDsui (issued by Bridge, Stripe-owned) position Sui as a payment rail. Distribution is anchored by listings on all major centralized exchanges, three U.S. spot SUI ETFs (launched February 2026), and consumer integrations including the Mastercard-xPortal/xMoney partnership.
Mysten Labs also pursues research output (83 papers, 20+ researchers, publications at EuroCrypt 2026, FC 2026, AsiaCCS 2026, and EDBT 2026) and actively builds ecosystem through the Blockchain Payments Consortium (co-founded November 2025), the Linux Foundation Decentralized Trust OTAS lab (April 2026), and collaborations with Google on the Agentic Payments Standard. Operating scale signals include >$1 trillion in cumulative stablecoin volume on Sui mainnet since August 2025, $10B in 30-day DEX volume as of December 2025, partner-platform volumes (RedotPay $10B+ annualized payment volume across 7M+ users in 100+ countries; Paga $1.5B in monthly payments via the African partnership), and 12TiB+ of data stored on Walrus at devnet stage. The company remains privately held with no parent company identified.
Mysten Labs firmographics
Firmographics- Name
- Mysten Labs
- Legal name
- Mysten Labs, Inc.
- Website
- https://www.mystenlabs.com
- Company type
- Private
- Founded year
- 2021
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Mysten Labs is a Palo Alto-based blockchain infrastructure company founded in 2021 that builds the Sui Layer 1 blockchain, the Move programming language, and an integrated protocol stack (Walrus, Seal, DeepBook, Enoki) serving developers, financial institutions, gaming companies, fintechs, and AI-agent platforms.
- Ownership category
- akta.pro rank
Mysten Labs industry classification
Industry- Product category
- Blockchain Infrastructure
- NAICS
- Software Publishers (5132)
- akta.pro primary industry
- MEV, Sequencing & Transaction Supply Chain (builders, searchers, PBS, auctions) (FSAPAAAG)
- akta.pro secondary industries
- Smart Contract Developer Platforms & Tooling (SDKs, APIs, frameworks, indexing) (FSAPAAAH), Compliance, Risk & RegTech for Tokenized Assets (KYC/AML, sanctions, travel rule, reporting) (FSAPAIAH), Digital Asset Custody & Wallet Infrastructure for Institutions (MPC/HSM, key mgmt, policy controls) (FSAPAIAE)
Keywords
Where Mysten Labs is headquartered
LocationHeadquarters
- HQ city
- Palo Alto
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Mysten Labs business model
Business model- GTM type
- B2B
- Offering type
- Software
- Cost components
- Personnel, Technology or R&D, Marketing or Sales, Operations
Revenue model
- Venture Funding: Raised $36M Series A (Dec 2021, led by Andreessen Horowitz) and $300M Series B at $2B valuation (Sept 2022, led by FTX Ventures, with participation from Binance Labs, Coinbase Ventures, a16z, NCSOFT, and others). Funding supports Sui core infrastructure, Walrus/Seal/Enoki development, Asia-Pacific expansion, and institutional go-to-market.
- Gasless Stablecoin Transaction Protocol Fees: Sui's gasless stablecoin transfer protocol (launched May 2026 for USDC, USDY, FDUSD, AUSD, USDB, USDsui, suiUSDe) eliminated the requirement for users to hold native SUI for gas. Protocol design supports on-chain payments and could underpin fee-based services (e.g., B2B payments, microtransactions).
- Enoki Platform (Digital Asset Infrastructure APIs): Enoki offers 'Stripe-like' digital asset infrastructure, enabling businesses to embed blockchain and public ledger solutions inside their applications; revenue is API/usage-based for embedded wallet and digital asset services.
- SuiPlay0X1 Hardware Sales: Web3 handheld gaming console developed in partnership with Playtron; first preorder run sold out; hardware sales support consumer-facing Web3 gaming ecosystem.
- Bug Bounty Program Rewards (Outflow): Mysten Labs operates a security bug bounty program via HackenProof; rewards are an outflow (payouts to security researchers) rather than a revenue stream, with severity-based payouts ranging $1,000 (Low) to $30,000 (Critical, wallet only).
- Walrus Token (WAL) Network Economics: Walrus operates via delegated proof-of-stake using the WAL token (FROST = 10^-9 WAL). Storage node operators stake WAL, with rewards, slashing, and a tokenomics model designed to secure the network and pay for storage in each epoch.
- Institutional Capital Markets Services: Tokenization, real-world asset markets integration, collateral mobility, and digital asset education initiatives for major financial institutions, led by Head of Global Capital Markets Mustafa Al Niama.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Other | Pay-as-you-go | Bug Bounty Rewards (Sui Wallet scope) |
| Other | Annual | 21shares Spot SUI ETF (TSUI) on Nasdaq |
| Other | Annual | Grayscale Sui Staking ETF (GSUI) on NYSE Arca |
| Other | Pay-as-you-go | Sui Gasless Stablecoin Transfers (USDC, USDsui, suiUSDe, USDY, FDUSD, AUSD, USDB) |
Go-to-market motion5 records
Mysten Labs product offering
Product offeringCore offering
Mysten Labs develops and operates the Sui Layer 1 blockchain and a portfolio of associated protocols and products, including the Move programming language, Walrus decentralized blob storage, Seal decentralized secrets management, DeepBook on-chain central limit order book, Enoki digital-asset infrastructure APIs, Kiosk on-chain commerce primitives, and consumer products such as the Slush wallet and SuiPlay0X1 gaming console. The company sells infrastructure, APIs, developer tools, and hardware to Web3 builders, enterprises, and end users.
Differentiator
Problem solved
Functional benefit
Brands
- Sui: Layer 1 blockchain and core protocol product, developed as the primary platform of Mysten Labs.
- Move
- Walrus
- DeepBook
- Seal
- Enoki
- Sui Kiosk
- Slush
- SuiPlay0X1
- Sui Name Service (SuiNS)
- SuiFrens
Products and services
- Sui Layer 1 Blockchain
- Move Programming Language
- Walrus Decentralized Storage Protocol
- Seal Decentralized Secrets Management
- DeepBook
- Enoki Digital Asset Infrastructure Platform
- Sui Kiosk
- Slush Wallet
- SuiPlay0X1 Gaming Console
- Sui Name Service (SuiNS)
Companies that use Mysten Labs
Customer profileIdeal customer profiles3 records
Mysten Labs technology and API
TechnologyTechnology focussed Yes
API detail
- Has API
- Yes
- API docs
- API detail
Core technology
AI maturity
App detail
Integration23 records
AI capability7 records
Feature12 records
Mysten Labs partnerships and signals
Strategic signalScale indicators21 records
Recent moves7 records
Expansion highlights7 records
Mysten Labs competitors and assessment
Company assessmentDirect peers
- Aptos Labs: Aptos is the most direct peer to Mysten Labs/Sui: another Layer 1 blockchain built on the Move programming language by former Meta (Diem) engineers. It competes head-to-head for the same Move developer mindshare, institutional partners, and Web3 application workloads.
- Solana Labs: Solana is the leading high-throughput, low-fee Layer 1 blockchain — directly comparable to Sui on performance positioning, developer GTM, and institutional/capital-markets outreach. Both target payments, DeFi, and consumer-scale applications on a single L1.
- Avalanche Foundation: Avalanche is a competing Layer 1 with strong institutional and tokenization positioning (notably via Ava Labs' enterprise and RWA initiatives). It overlaps with Sui on the same enterprise and capital markets buyer profile that Mysten Labs targets through its new Head of Global Capital Markets.
- NEAR Protocol: NEAR is a sharded Layer 1 with comparable throughput and low-fee positioning, plus a developer-friendly account model. It is competing for the same set of Web3 application builders and institutional partners evaluating non-Ethereum L1s.
- Sei Foundation: Sei is a trading-optimized Layer 1 that overlaps directly with DeepBook and the Sui DeFi stack on latency-sensitive trading workloads. It targets the same institutional and DeFi builder audience with similar performance-led value propositions.
Broad incumbents
- Ethereum Foundation: Ethereum is the dominant smart contract Layer 1 and the de facto incumbent whose L2 ecosystem absorbs a large share of the developer mindshare Mysten Labs targets. It is not a direct competitor in throughput-led use cases but defines the gravity well Sui competes within.
- Polygon Labs: Polygon offers a scaling stack (PoS, zkEVM, Polygon CDK) competing for the same enterprise and institutional tokenization workloads. It is a broader incumbent with a wider product portfolio than Sui but overlaps materially on RWA and payments infrastructure.
Emerging players
- Stellar Development Foundation: Stellar is a payments-focused Layer 1 that co-founded the Blockchain Payments Consortium with Mysten Labs in November 2025. It competes for the same cross-border stablecoin payment and emerging-market remittance use cases Sui targets via the Paga partnership.
- TON Foundation: TON (The Open Network) is a payments- and consumer-oriented Layer 1 that also co-founded the Blockchain Payments Consortium with Mysten Labs. It overlaps on stablecoin payments, consumer wallet UX, and emerging-market distribution.
- Dapper Labs (Flow): Dapper Labs' Flow blockchain is a consumer- and gaming-focused Layer 1, directly comparable to Mysten Labs' SuiPlay0X1 + Kiosk gaming strategy. Both target mainstream game studios and Web2 game publishers integrating blockchain-based asset ownership.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat6 records
Key risks7 records
Key highlights7 records
Customer concentration
Mysten Labs social profiles
Digital presenceMysten Labs financial estimates
Financial estimateRevenue estimate
Valuation estimate
Mysten Labs leadership team
Management profileNumber of profiles
Profiles8 records
Mysten Labs subsidiaries and ownership
Company hierarchySubsidiaries1 record
Mysten Labs funding detail
Funding detailFunding overview
Funding rounds3 records
Investors33 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Mysten Labs M&A and investment
M&A and investmentM&A1 record
Investments27 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Mysten Labs
What does Mysten Labs do?
Mysten Labs develops and operates the Sui Layer 1 blockchain and a portfolio of associated protocols and products, including the Move programming language, Walrus decentralized blob storage, Seal decentralized secrets management, DeepBook on-chain central limit order book, Enoki digital-asset infrastructure APIs, Kiosk on-chain commerce primitives, and consumer products such as the Slush wallet and SuiPlay0X1 gaming console. The company sells infrastructure, APIs, developer tools, and hardware to Web3 builders, enterprises, and end users.
Is Mysten Labs a public or private company?
Mysten Labs is a private company. It is classified as venture growth investor backed and is currently operating.
When was Mysten Labs founded?
Mysten Labs was founded in 2021. It employs 11 to 50 people.
Where is Mysten Labs based?
Mysten Labs is headquartered in Palo Alto, United States, in the North America region.
How does Mysten Labs make money?
Seven revenue lines are on record. Venture Funding is the primary driver. The others are gasless Stablecoin Transaction Protocol Fees, enoki Platform (Digital Asset Infrastructure APIs), suiPlay0X1 Hardware Sales, bug Bounty Program Rewards (Outflow), walrus Token (WAL) Network Economics and institutional Capital Markets Services.
Who are Mysten Labs's main competitors?
Direct peers on record are Aptos Labs, Solana Labs, Avalanche Foundation, NEAR Protocol and Sei Foundation. Broad incumbents are Ethereum Foundation and Polygon Labs. Emerging players are Stellar Development Foundation, TON Foundation and Dapper Labs (Flow).
Does Mysten Labs have an API?
Yes. Mysten Labs offers multiple APIs across its product portfolio: the Sui blockchain provides JSON-RPC, GraphQL, and REST APIs for reading/writing on-chain data; Walrus exposes a JSON API and HTTP API for blob storage and retrieval, plus a CLI client (macOS, ubuntu); Seal provides a TypeScript SDK (@mysten/seal on npm) for encryption, decryption, and key-server interaction; and Enoki Portal offers developer-facing APIs and documentation for embedding digital asset infrastructure into business applications. Walrus Testnet also provides APIs for tokenomics and blob deletion. Developer documentation is at docs.sui.io.
What industry is Mysten Labs in?
Mysten Labs's product category is Blockchain Infrastructure. Its primary akta.pro industry code is FSAPAAAG, MEV, Sequencing & Transaction Supply Chain (builders, searchers, PBS, auctions), with a secondary code of FSAPAAAH, Smart Contract Developer Platforms & Tooling (SDKs, APIs, frameworks, indexing). Its NAICS code is 5132.