Ethos Wallet, based on the yet-to-launch Sui blockchain, raised a $4.2 million seed round led by Boldstart Ventures and Gumi Cryptos Capital.

The round for the wallet also featured participation from Tribe Capital, Matrix Port and AllianceDAO. Notably, Mysten Labs, the creator of Sui, also poured capital into the startup.

Mysten is led by founder and CEO Evan Cheng, who was head of research at Meta's crypto wallet Novi Financial. Sui is a new Layer 1 chain that utilizes a version of the Move program language initially intended for Meta's ill-fated blockchain project Diem.

In July, Ethos, a consumer-focused crypto wallet, became the first application to go live on the Sui developer network. Developer networks, or Devnets, let developers build and experiment with projects without the higher stakes of using live cryptocurrencies.

In particular, Eldeib said that this particularly lends itself to developing consumer wallets such as Ethos. In addition to acting as a crypto wallet where users can store and trade crypto on Sui, the Ethos team built Sui 1892, an interactive gaming NFT that's playable on the app.