Greece Set to Become Next Engineering Hub for Tech Company Mysten Labs

Mysten Labs, a tech company based in California, has set its sights on Greece as its engineering hub in Europe. Co-founded by two Greeks, Kostas Chalkias and George Danezis, the Web3 infrastructure designers are looking to attract even more Hellenes to employ for the group.

Mysten Labs was established in 2021 as a startup founded by five former Facebook managers and engineers, and it soon became a profitable venture. FTX Ventures recently invested almost three hundred million dollars in the company, and its current value is more than two billion dollars. There are therefore high hopes for the Mysten Labs Web3 Unicorn infrastructure.

Web 3.0 is what is known as third generation web technologies. The technology is still evolving. What makes it exciting however is the fact that it is laying the ground for a new, decentralized future. It will also make use of machine learning and artificial intelligence—which can now be used to decode brain activity—in order to develop more intelligent and adaptable applications.

But why is it so important? Mysten Labs says this is because “it will enable individuals and creators to have unprecedented ownership over their own data and content.”

Why Greece?

Mysten Labs is following in the footsteps of many other global techs in Greece that have recently set up shop. The reason, it seems, is the local talent. Chalkias and Danezis feel that their homeland has great potential as the hub for Mysten Labs given its strong engineering community.

“There are at least four or five universities that extract good talent,” Chalkias said in an interview with The Recursive. According to Chalkias, compared to the overall population of the planet, the percentage of Greek and Cypriot geniuses in the web3 and blockchain space is higher than average.

Hence, “we have already leased an office in one of the most beautiful…spots [of Athens] at Ermou Street, and we will also have people working from Thessaloniki,” he said.

Chalkias, a cryptographer and blockchain engineer also known as Kostas Kryptos, feels quite strongly that Greece is the right choice for the future not only for Mysten Lab but also the Greek economy.

“We need a strong team and we believe that its structure and proficiency will provide an extra benefit for them and create an exciting environment,” he said.

“I think that our presence will make a huge difference to the Greek ecosystem,” Chalkias stated, adding that in the long run, the company is looking to invest even further in the country.

Mysten Lab has already begun the hiring process, starting with Ioannis Alvanopoulos, an experienced IT manager, as general manager in Greece. They will also be recruiting and training new talent from the IT and engineering world. Mysten Lab’s focus is on creatives who can help build the company by strengthening the tech ecosystem. The tech ecosystem being an interconnected, interdependent network of differing business entities supporting sustainable tech innovations.

Greeks at the Forefront of Future Innovation in Technology?

Chalkias and Danezis want to use Greece as a jumping-off point for further expansion in Europe and the Middle East. They also have their eyes set on the rest of the Western Balkans.

Speaking to The Recursive, Chalkias said: “When it comes to the rest of the Western Balkans, there is also a great potential for harnessing the skills that the local IT talent already has, and Mysten Labs will be…looking into that direction as well.”

“We started with Greece because we know the market, but as the company grows in the following months, we will…also [be] looking to add people from Bulgaria, Serbia, or elsewhere in the region,” he added.

Greece has become a hub for many diverse industries in recent years, including the film industry. One can be almost certain that more industries and global companies, such as Mysten Labs, will soon follow, as well.