Monad Labs, the NYC-based core developers behind layer 1 blockchain Monad, closed a $225M Series A funding.
The round was led by Paradigm with additional funding by investors including Electric Capital and Greenoaks.
Founded in 2022 by Jump Trading alums Keone Hon and James Hunsaker, along with Eunice Giarta (a former researcher at the MIT Media Lab and product lead at Shutterstock and Broadway Technology), Monad is developing the Monad Blockchain, which competes with Solana and Sui. It provides 10,000 transactions per second, and the Ethereum Virtual Machine so developers can port over apps built on Etherum.
The company raised $19M in seed round in February 2023.
Commenting on the investment, Charlie Noyes, Partner at Paradigm, said: “Monad is scaling all aspects of EVM performance by enabling developers to build next generation applications that will significantly expand the crypto ecosystem. Keone, James, and Eunice are uniquely equipped both to build the technology and to create a vibrant community to support it. Paradigm is excited for a long-term partnership with the entire Monad team.“
FinSMEs
09/04/2024