Monad Labs Completes $225 Million Financing, Led by Paradigm

BlockBeats news, on April 9, according to Fortune magazine, Layer 1 blockchain Monad Labs completed $225 million in financing, this round of financing was led by Paradigm, and IOSG Ventures, SevenX Ventures, Electric Capital and Greenoaks participated in the investment.

This will be the largest cryptocurrency financing so far in 2024. Monad founder Keone Hon said that Monad's innovation comes from rebuilding Ethereum's blockchain from scratch-maintaining the ability to execute smart contracts while completing transactions at a faster speed, higher capacity and lower cost. Unlike many new blockchains, Monad will fully support EVM.

BlockBeats previously reported that on March 12, Fortune magazine cited people familiar with the matter as saying that Paradigm was in talks to lead a round of financing of more than $200 million in Monad Labs.

The round will follow Monad Labs’ $19 million seed round announced in February 2023, valuing the startup at $3 billion, according to people familiar with the deal. Paradigm has said it will commit $150 million and has been contacting other investors since late 2023 to see if they’re interested in joining the round, according to people familiar with the deal.

Monad Labs’ success among investors also signals the continued influence of Jump Crypto. Two former Jump employees founded Monad in 2022, and the third founder comes from a non-crypto background.