Monad Labs secures US $19 million in seed round financing

02/14/2023 12:07 • Metaverse & Beyond • 103 views

It is reported that Monad Labs, an EVM-compatible blockchain project founded by Keone Hon, the former research director of Jump Trading, completed a seed round financing of US $19 million, with Dragonfly Capital leading the investment, and 70 other investors participating in the investment, including PlaceholderCapital, Lemniscap, ShimaCapital, FinalityCapital, angel investors NavalRavikant, Cobie and Hasu.

EVM-compatible blockchain project Monad Labs completed a seed round financing of US $19 million

Interpretation of the news:

Monad Labs, a blockchain project led by Keone Hon, has successfully completed its seed round financing with US $19 million raised. The investment was led by Dragonfly Capital, with 70 other investors participating, including PlaceholderCapital, Lemniscap, ShimaCapital, FinalityCapital, and angel investors like Naval Ravikant, Cobie, and Hasu. Monad Labs is an EVM-compatible blockchain project that aims to enhance the connectivity between smart contracts on different blockchain networks. It aims to build an infrastructure that can facilitate the interoperability between various blockchain ecosystems, improving the overall efficiency and scalability of the blockchain industry.

The seed round financing is an early-stage funding round for startups seeking capital to fund their initial research and development. It typically involves smaller-scale investments from angel investors and venture capital firms, with the primary aim of providing startups with the resources they need to innovate and develop their product or service before they launch it to the market.

This seed round funding for Monad Labs demonstrates the potential of the company’s blockchain technology and its ability to attract significant investment support. The involvement of a diverse range of investors, including prominent angel investors and venture capital firms, indicates that the industry recognizes the potential of Monad Labs to make a significant impact on the blockchain market. The involvement of Dragonfly Capital, a prominent venture capital firm with a track record of investing in high-potential blockchain startups, further emphasizes the potential of Monad Labs.

Monad Labs’ emphasis on EVM compatibility is a significant advantage, as it allows developers to build decentralized applications (dApps) on shared infrastructure that would work on various blockchain networks. The company’s vision of creating an infrastructure that can facilitate interoperability between different blockchain ecosystems offers a unique solution to the challenges that have long plagued the blockchain industry.

In conclusion, Monad Labs’ US $19 million seed round financing signifies a vote of confidence in the company’s vision to improve the efficiency and scalability of the blockchain industry. With the support of a diverse range of investors and a talented team of developers, Monad Labs is well-positioned to make a significant impact on the future of blockchain technology.

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Monad Labs secures US $19 million in seed round financing

EVM-compatible blockchain project Monad Labs completed a seed round financing of US $19 million

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