Monad Labs is targeting $200 million in funding led by Paradigm: Fortune.

Monad Labs is eyeing a $200 million-plus funding round led by venture capital firm Paradigm as investor attitudes warm to the digital asset industry. reported On MondayIt cited sources familiar with the matter.

The publication said Paradigm will pledge $150 million in the next round of funding for its Layer 1 project, which values ​​the company at $3 billion. The VC firm has been talking to several potential investors starting in late 2023 to gauge interest in increasing its contribution, sources told Fortune.

The funding round led by Paradigm is set to exceed those undertaken by blockchain companies in the past few months, indicating growing investor appetite for cryptocurrency-related investments. The target raise is nearly double Blockchain.com’s $110 million raise last fall, which was the largest injection of funds into a cryptocurrency exchange during the fourth quarter of 2023. according to On crunch base.

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