Coinbase Ventures, Electric Capital and Greenoaks also participated in the round, as Monad seeks to build out its Layer 1 blockchain.
Monad Labs, the developer behind the Ethereum-compatible Layer 1 blockchain Monad, has finalized a $225 million funding round led by investment firm Paradigm.
The announcement follows the news last month that Monad was eyeing a more than $200 million fundraising round as investors warm toward the digital assets industry after crypto winter. Monad Labs previously raised $19 million in funding led by Dragonfly Capital following a $9 million pre-seed round in May 2022 and a $10 million seed round in December 2022.
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Crypto VC Paradigm Leads $225 Million Funding Round for New Layer-1 Blockchain NetworkCrypto-focused venture capital firm Paradigm is leading a $225 million funding round into a new layer-1 blockchain network that aims to compete with Solana and other top networks. The funding round was completed by Monad Labs, which plans to build a faster and more cost-effective layer-1 smart contract network compared to Ethereum.
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