Monad Labs in discussions with Paradigm to secure $200 million funding
Monad Labs, a blockchain startup based in New York City, is currently seeking a substantial $200 million in funding to develop its scalable smart contract distributed ledger. The startup, founded by former Jump Trading employees, has reportedly entered into discussions with crypto venture firm Paradigm, who has expressed their intention to lead the funding round with a commitment of $150 million. While other investors are also being approached, their identities have not yet been revealed.
Monad Labs, at present, has not made any public statements regarding its fundraising efforts. The blockchain startup was launched in 2023 and operates an Ethereum Virtual Machine-compatible blockchain that utilizes the proof-of-chain consensus mechanism. This technology allows for the processing of up to 10,000 transactions per second. In February 2023, Monad raised $19 million in a seed funding round, with Dragonfly Capital as the lead investor, and participation from other notable investors such as Finality Capital, Placeholder Capital, Shima Capital, and Lemniscap.
If successful, the $200 million funding round would be one of the largest deals in the blockchain industry for 2024. A comparable deal took place in 2023 when Islamic Coin, a Shariah-compliant crypto asset based in Switzerland, secured $200 million from ABO Digital, according to data from Crunchbase.
Monad Labs is also said to be developing its native token, called “mon,” as indicated in technical documents released in September 2023. Although subsequent references to the token were removed, it is believed that mon will be used within the blockchain ecosystem for transaction payments.
As of now, further updates from Monad Labs regarding their fundraising efforts or the development of their native token have not been disclosed.
