The Radix project, which is developing a “radically” new blockchain, closed a funding round of $10 million at a $400 million valuation. This is reported by The Block.
The sole investor was DWF Labs. It allocated $8 million, committing to provide an additional $2 million in the near future.
A firm specializing in Web3 has been buying Radix (XRD) tokens daily since December. DWF Labs’ portfolio includes more than 15 projects, including Conflux, Orbs, Synthetix and Onomy Protocol.
Radix was founded in 2013. Initially, it was a blockchain-focused research project. In 2021, the startup raised $12.7 million in financing.
“Radix has its own consensus system, runtime and programming language,” said the startup’s head Piers Ridyard.
The startup plans to launch its mainnet, Babylon, in the second quarter of this year. According to Ridyard, more than 50 projects will soon build DeFi- and NFT-platforms on Radix, using the Scrypto programming language.
Earlier in the autumn of last year, Mysten Labs raised $300 million to build the Sui blockchain. In November 2022, developers launched a testnet, and in December disclosed details of the native token distribution after the mainnet launch.