Two former executives of crypto exchange Coinbase have raised around $5.3 million for their new Web3 venture, called Scale3.

In a blog post, founders of the firm – Ola Muse and Karthik Kalyanaraman – said the funding round was led by Redpoint Ventures, along with Mysten Labs and Howard University. Muse and Kalyanaraman left Coinbase in August.

They said Scale3 will play a major role in the development of the Sui blockchain. The first product of the firm is called Autopilot, a platform to monitor and maintain blockchain nodes and networks.

Autopilot aims to simplify and automate the process of setting up, monitoring and upgrading blockchain nodes and will provide ecosystem-specific insights on its dashboard to the developers.

"We are particularly excited to partner with MystenLabs and build support for the Sui ecosystem as our first blockchain network," read the announcement. "Shortly thereafter, we will launch our beta for a select number of node operators in the Sui ecosystem, and will gradually ramp up to all node operators on the Sui ecosystem as Sui goes live on mainnet."

Sui, a layer 1 blockchain developed by Mysten Labs that was founded by ex-Meta employees, recently raised $300 million to build the core of the blockchain from FTX Ventures, Coinbase Ventures, Jump Crypto, Andreessen Horowitz (a16z), Circle Ventures and Binance Labs.

"In the coming months, we will continue to grow our technical team, expand to multiple protocols, and build core crypto infrastructure products to help foster a blockchain-enabled world," confirmed Scale3.

The current crypto market scenario remains bearish but Mysten Labs and Scale3 are amongst the few builders still active in the space. Earlier, the New York Digital Investment Group (NYDIG) raised close to $720 million from investors for its Bitcoin Fund despite the prevailing crypto winter.