Paradigm is negotiating to lead a round of over $200 million in financing for Monad Labs

According to ChainCatcher, citing sources familiar with the matter, Paradigm is in negotiations to lead a funding round of over $200 million for Monad Labs. According to those familiar with the deal, this funding round will follow Monad Labs' announcement of a $19 million seed round in February 2023, bringing the startup's valuation to $3 billion.

It is understood that Paradigm has already committed to $150 million and has been reaching out to other investors since the end of 2023 to gauge their interest in joining this funding round. If successful, Monad Labs' funding of over $200 million would be the largest cryptocurrency funding round so far in 2024.

The success of Monad Labs among investors also marks the continued influence of Jump Crypto. Two former Jump employees founded Monad in 2022, while the third founder comes from a non-cryptocurrency background.

A spokesperson for Paradigm declined to comment when contacted by Fortune, and Monad Labs co-founder and CEO Keone Hon has not immediately responded to a request for comment.