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Monad Labs Raises $19 Million in Seed Round Financing

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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…

Monad Labs Raises $19 Million in Seed Round Financing

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 founded by Keone Hon, has completed a seed round financing of $19 million with Dragonfly Capital leading the investment. The project has gained attention due to its compatibility with Ethereum Virtual Machine (EVM). The fund raised will be used to develop Monad’s platform and ecosystem as well as expand its team.

Keone Hon, the founder of Monad Labs, served as the research director of Jump Trading, a leading proprietary trading firm. Given his background, Hon’s team has been working on creating a blockchain network with high-performance and security standards that are crucial for financial applications.

Monad Labs’ mission is to provide a decentralized and secure platform for financial applications with the ability to support sophisticated financial products. The project aims to create a parallel financial system through decentralized finance (DeFi) that bypasses the traditional financial institutions’ intermediaries, such as banks, insurance companies, and regulators.

Dragonfly Capital, the lead investor in Monad Labs’ seed round, has previously invested in other blockchain and cryptocurrency-related projects, such as Chainlink, 0x, MakerDAO, and Compound. According to Dragonfly Capital’s General Partner, Haseeb Qureshi, Monad Labs holds great potential and can significantly transform the DeFi space by offering scalability and security.

Apart from Dragonfly Capital, several other prominent investors participated in Monad Labs’ seed round financing. These include PlaceholderCapital, Lemniscap, ShimaCapital, FinalityCapital, and angel investors NavalRavikant, Cobie, and Hasu.

In conclusion, Monad Labs’ successful seed round financing reflects investors’ confidence in the project’s potential to revolutionize the financial industry. With the funds raised, Keone Hon’s team can further develop Monad’s platform and ecosystem, making it more secure, efficient, and accessible to everyone. Monad Labs holds great potential for DeFi by providing a decentralized and secure financial platform that can bypass traditional intermediaries.

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