Monad Labs raises US $19M in Seed Round Financing from Dragonfly Capital and 70 other investors

02/14/2023 12:07 • Blockchain Briefs • 75 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

Analysis based on this information:

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

The seed round financing is expected to be used to fund the development of Monad Labs’ blockchain project, which is an open-source, Turing-complete, and programmable blockchain infrastructure. The project is designed to provide developers with a customizable and scalable infrastructure that can support a multitude of decentralized applications (Dapps).

One of the main benefits of Monad Labs’ blockchain infrastructure is its compatibility with the Ethereum Virtual Machine (EVM), which enables developers to use existing Ethereum tools and programming languages like Solidity. This compatibility allows developers to create smart contracts, decentralized exchanges, and other Blockchain-based services in a familiar environment, with the added benefits of faster transaction speeds and lower fees.

Monad Labs’ founder, Keone Hon, has extensive experience in blockchain research and development, having served as the Director of Research at Jump Trading, a leading electronic trading firm. Hon has also contributed to the development of the Ethereum blockchain, working on algorithmic trading and scaling solutions.

In conclusion, Monad Labs’ seed round financing is a significant milestone for the development of its EVM-compatible blockchain infrastructure. The US $19 million investment, led by Dragonfly Capital and participated in by over 70 other investors, is a testament to the potential of this innovative project. With the funding, Monad Labs is expected to further enhance its blockchain infrastructure and provide a more scalable, flexible and compatible environment for developers to build decentralized applications.

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