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Paradigm in talks to lead Monad Labs in more than $200 million funding round

Paradigm in talks to lead Monad Labs in more than $200 million funding round

CointimeCointime2024/03/11 23:55
By:Cointime

On March 12th, citing sources, Paradigm is in talks to lead a round of financing for Monad Labs that exceeds $200 million.

Insiders familiar with the transaction said the round of financing will follow Monad Labs' $19 million seed round announced in February 2023, valuing the startup at $3 billion. It is understood that Paradigm has committed to $150 million and has been in contact with other investors since the end of 2023 to see if they are interested in joining this round of financing.

If successful, Monad Labs' financing of over $200 million will be the largest cryptocurrency financing to date in 2024, according to Crunchbase's Web3 tracker, as bitcoin continues to hit new historical highs. The success of Monad Labs among investors also marks the continued influence of Jump Crypto. Two former Jump employees founded Monad in 2022, and the third co-founder comes from a non-cryptocurrency background.

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

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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