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Mysten Labs CEO Evan Cheng Wants To Do Web3 Venture Capital Better

Mysten Labs co-founder and CEO Evan Cheng confirmed on The Scoop podcast that he is exploring a web3 venture fund.

"I’ve been working with a couple of veteran investors that have an interest in doing something better," said Cheng on the podcast.

The Block previously reported that Cheng was seeking to secure more than $100 million for a web3 fund. Sources told The Block that Cheng would continue to operate as the CEO of Mysten Labs and that he is currently in conversations with both potential general partners and limited partners for the new fund.

"There are a lot of web3 funds but [investors] are looking for something that’s more not restricted to a particular ecosystem and that’s very aligned with LPs, and also have the support of people who really, really fundamentally understand web3 technology and products," said Cheng on the podcast.

(By Kari McMahon)

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