Paradigm in talks to lead Monad Labs in more than $200 million funding round

BlockBeats news, on March 12, Fortune magazine reported, citing people familiar with the matter, that Paradigm was negotiating to lead a financing round of more than $200 million in Monad Labs. The funding round will follow a $19 million seed round announced by Monad Labs in February 2023 that valued the startup at $3 billion, according to people with knowledge of the deal. Paradigm is understood to have said it would commit $150 million and has been contacting other investors since late 2023 to see if they would be interested in joining the round. If successfully completed, Monad Labs' over $200 million funding round would be the largest cryptocurrency funding round of 2024 so far, according to Crunchbase's Web3 tracker, as Bitcoin continues to hit all-time highs. Monad Labs’ success among investors is also a sign of Jump Crypto’s continued impact. Two former Jump employees founded Monad in 2022, with the third founder coming from a non-crypto background. A spokesperson for Paradigm declined to comment when contacted by Fortune, while Keone Hon, co-founder and CEO of Monad Labs, did not immediately respond to a request for comment.