Monad Labs reportedly in talks with Paradigm to raise $200m for ‘Ethereum killer’

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New York Metropolis-headquartered blockchain startup Monad Labs is looking for $200 million to construct the scalable sensible contract distributed ledger.

Monad Labs, a blockchain startup based by former Soar Buying and selling employees, is reportedly aiming to safe $200 million in funding and is already in talks with crypto enterprise agency Paradigm, which has indicated its intention to steer the funding spherical with a dedication of $150 million, Fortune has learned, citing sources aware of the matter. Whereas different traders are additionally being approached, their identities haven’t been disclosed.

On the time of writing, Monad Labs has not made any public statements concerning the fundraising efforts.

Launched in 2023, Monad is an Ethereum Digital Machine-compatible blockchain using the proof-of-chain consensus mechanism, able to processing as much as 10,000 transactions per second. In a seed funding spherical in February 2023, the startup raised $19 million, with Dragonfly Capital main the funding and quite a few different traders collaborating, comparable to Finality Capital, Placeholder Capital, Shima Capital, and Lemniscap.

If profitable, the $200 million funding spherical would mark one of many largest offers within the blockchain business for 2024, similar to Islamic Coin, a Shariah-compliant crypto asset primarily based in Switzerland, which secured $200 million from ABO Digital in 2023, in keeping with data from Crunchbase.

For its blockchain, Monad Labs additionally seems to be engaged on its native token, dubbed mon, in keeping with technical documents unveiled in September 2023. Though subsequent mentions of the token have been eliminated, it’s understood that the token can be utilized throughout the blockchain ecosystem for transaction funds.

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