FTX to sell stake in Web3-focused Mysten Labs in push to shore up funds

FILE PHOTO: Representations of cryptocurrencies are seen in front of displayed FTX logo in this illustration taken November 10, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

(Reuters) - Bankrupt cryptocurrency exchange FTX said on Thursday it would sell its stake in Web3-focused startup Mysten Labs for $95 million, as it strives to pay back its customers.

The exchange had paid nearly $101 million last year for preferred shares of Mysten and led a funding round that valued the platform which provides infrastructure for Web3 adoption at more than $2 billion.