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Former Jump Trading Developers Raise $19 Million To Build Monad Blockchain

Monad Labs, a Layer 1 blockchain project co-founded by former Jump Trading developers, raised $19 million in funding led by Dragonfly Capital.

Other investors included Placeholder Capital, Lemniscap and Shima Capital, as well as angel investors, including Naval Ravikant, Cobie and Hasu, according to a Tuesday announcement. Overall, more than 70 investors backed the project.

The funding is a combination of two rounds — pre-seed worth $9 million raised in May 2022 and seed worth $10 million raised in December — Monad Labs co-founder and CEO Keone Hon told The Block in an interview. The funding effort was "really smooth" despite the bear market because investors are excited about Monad's vision of building an "extremely performant" blockchain, Hon said.

Monad is building an Ethereum virtual machine (EVM)-compatible Layer 1 blockchain designed to improve the overall Ethereum ecosystem. 

(By Yogita Khatri)

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