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

FILE PHOTO: Illustration shows FTX logo and representation of cryptocurrencies

(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.

Web3 refers to a version of the internet that is decentralized, and operates on blockchain technology.

The new management at FTX, which filed for bankruptcy protection in November, has been trying to recover assets to clear liabilities.

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The company on Wednesday reached a deal to recoup more than $400 million in cash from hedge fund Modulo Capital.

(Reporting by Niket Nishant in Bengaluru; Editing by Vinay Dwivedi; Editing by Vinay Dwivedi)