Layer 1 blockchain Monad Labs completes $225 million financing, led by Paradigm, with participation from SevenX and others

ChainCatcher news, according to Fortune magazine, Layer 1 blockchain Monad Labs has completed a $225 million financing round, led by Paradigm, with other investors including Electric Capital, Castle Island Ventures, Greenoaks, eGirl Capital, Amber Group, Animoca Ventures, Archetype, Bankless Ventures, Big Brain Holdings, Bodhi Ventures, Breed, Caladan, CMS Holdings, Coinbase Ventures, CoinFund, DBA, Figment Capital, Flow Traders, Galaxy, GSR Ventures, Hailstone Labs, Hermeneutic Investments, HTX Ventures, IOSG Ventures, Makers Fund, Manifold Trading, Merit Circle, Mirana Ventures, Nascent, Presto Labs, Rebirth Ventures, Robot Ventures, SevenX Ventures, Superscrypt, Wintermute Ventures, and others.

Angel investors include Inversebrah, Ansem, Hsaka, punk6529, Saquon Barkley, Eric Wall, Rune Christensen, Bryan Pellegrino, Robinson Burkey, Luca Netz, Mert Mumtaz, Shoku, and others.

This will be the largest financing in the cryptocurrency space so far in 2024. Monad founder Keone Hon stated that Monad's innovation comes from rebuilding the Ethereum blockchain from the ground up—maintaining the ability to execute smart contracts while completing transactions at a faster speed, higher capacity, and lower cost. Unlike many new blockchains, Monad will fully support EVM.

According to the RootData page, Monad is building a high-performance Layer 1 blockchain for the next generation of decentralized applications, with the mission of accelerating the disruptive power of decentralization by building a blockchain that is 100 to 1000 times faster than its closest competitors, alleviating the severe bottlenecks of existing blockchains, and enabling more complex applications and broader adoption.