According to BlockBeats, Paradigm is reportedly in negotiations to lead a funding round of over $200 million for Monad Labs. Sources familiar with the deal claim that this round will follow Monad Labs' $19 million seed round announced in February 2023, valuing the startup at $3 billion. Paradigm has already committed $150 million and has been reaching out to other investors since the end of 2023 to gauge their interest in joining the round.
If successful, Monad Labs' funding round of over $200 million would be the largest cryptocurrency funding to date in 2024, as Bitcoin continues to reach new all-time highs, according to Crunchbase's Web3 tracker. The success of Monad Labs among investors also signifies the ongoing influence of Jump Crypto. Monad was founded in 2022 by two former Jump employees, with the third co-founder coming from a non-cryptocurrency background. A spokesperson for Paradigm declined to comment when contacted by Fortune magazine, and Monad Labs' co-founder and CEO Keone Hon has not yet responded to a request for comment.
