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Monad Labs, the New York City-based blockchain startup, is seeking $200 million to build the scalable smart contract distributed ledger.
Monad Labs, a blockchain startup founded by former Jump Trading employees, is reportedly aiming to secure $200 million in funding and is already in talks with crypto venture firm Paradigm, which has indicated its intention to lead the funding round with a commitment of 150 million dollars. Fortune crypto/2024/03/11/monad-paradigm-venture-capital-crypto-jump-bitcoin/” target=”_blank” rel=”noreferrer noopener”>has learned, citing sources familiar with the matter. While other investors are also being contacted, their identities have not been revealed.
As of this writing, Monad Labs has not made any public statements regarding fundraising efforts.
Launched in 2023, Monad is an ethereum virtual machine-compatible blockchain that uses the proof-of-chain consensus mechanism, capable of processing up to 10,000 transactions per second. In a seed funding round in February 2023, the startup raised $19 million, with Dragonfly Capital leading the investment and many other investors including Finality Capital, Placeholder Capital, Shima Capital, and Lemniscap participating.
If successful, the $200 million funding round would mark one of the largest deals in the blockchain industry by 2024, comparable to Islamic Coin, a Switzerland-based Sharia-compliant crypto asset, which raised $200 million from ABO Digital in 2023, according to ai–crypto–bitcoin-eoy-2023/#:~:text=For%20all%20of%202023%2C%20Web3,%24200%20million%20from%20ABO%20Digital.” target=”_blank” rel=”noreferrer noopener”>data from Crunchbase.
For its blockchain, Monad Labs also appears to be working on its native token, called mon, according to technical documents introduced in September 2023. Although subsequent mentions of the token have been removed, it is understood that the token will be used within the blockchain ecosystem for transaction payments.
