Some of the solutions being developed at Radix include but are not limited to those that rely on dApps for trading, saving, lending, borrowing, gaming, NFTs, and wallets.
Radix Token, the blockchain-based Web 3.0 startup, announced that it has raised $10 million in new funding as it continues to strengthen its commitment to help chart the evolution of the blockchain ecosystem. According to a press release shared with Coinspeaker, funding for Radix was provided by DWF Labs, one of the largest players in the world of Web 3.0.
“It’s great that the DWF Labs team is focusing on the next Radix ecosystem and lending their expertise and capital to the launch of the next Radix mainnet, Babylon,” said Andy Jarrett, Head of Radix Tokens (Jersey) Ltd in a statement.
Radix is a high-potential blockchain protocol with a proprietary asset-oriented smart contract platform. While it has been building the Radix protocol for some time, the startup said the recent cash injection will help it speed up the work it’s doing in that regard.
Specifically, Radix said that the new funds will be deployed for the launch of its Babylon Mainnet, which will introduce smart contract functionalities for the first time. Its technological offer as well as its commitment to the evolution of decentralized finance (DeFi) have made Radix a viable protocol to support.
DWF Labs’ support comes at a time when there is a general distrust of blockchain protocols following recent setbacks the industry has faced. In addition to the bankruptcy episodes registered in 2022, this year has seen the collapse from Genesis Global, Silvergate and Signature Banks respectively.
However, DWF Labs saw the potential of Radix as an infrastructure service provider for the Web 3.0 world, making their business viable even in the long term.
Radix funding to help change the standard
Radix got the support it needed from DWF Labs because the protocol perspective seems to have what it takes to change the standard on functionality that is currently missing from the blockchain ecosystem.
With over 50 projects currently building solutions on its platform, Radix is optimistic, as are its investors, that Babylon Mainnet will usher in a whole new era for the protocol and the industry as a whole.
“We are delighted to lead the $10 million funding round for Radix Tokens (Jersey) and support their vision to build a high-performing DeFi ecosystem. We are excited to bring our experience and capital to the launch of the next Radix mainnet and see great potential in the 50+ projects currently being built at Radix. We look forward to seeing Radix’s continued success in the asset-oriented smart contract space,” said Andrei Grachev, Managing Partner at DWF Labs.
Some of the solutions being developed at Radix include, but are not limited to, those that rely on dApps for trading, saving, lending, borrowing, gaming, NFTs and wallets. Radix has an ongoing grant program for promising developers.
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about the real-life applications of blockchain technology and innovations to drive mainstream acceptance and global integration of emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based sites and media. Benjamin Godfrey is a lover of sports and agriculture.
