Paradigm in talks to lead over $200M funding round in Monad Labs

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Cointime2024/03/12 01:09

By:Cointime

Paradigm is reportedly in talks to lead a funding round of over $200 million for Monad Labs. Sources familiar with the deal say the round will follow Monad Labs' $19 million seed round announced in February 2023, valuing the startup at $3 billion.Paradigm has reportedly committed to $150 million and has been reaching out to other investors since late 2023 to gauge interest in joining this funding round. If successful, Monad Labs' funding of over $200 million will be the largest cryptocurrency funding to date in 2024, according to Crunchbase's Web3 tracker, as bitcoin continues to hit new all-time highs.Monad Labs' success among investors also marks the continued influence of Jump Crypto. Two former Jump employees founded Monad in 2022, with a third founder coming 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, has not yet responded to a request for comment.

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