The Radix project, which is developing a “radical” new blockchain, has closed a $10 million funding round at a $400 million valuation. The Block.
The sole investor was DWF Labs. It provided $8 million, pledging to provide another $2 million in the near future.
The Web3 firm has been acquiring Radix (XRD) tokens daily since December. The DWF Labs portfolio includes more than 15 projects, including Conflux, Orbs, Synthetix and Onomy Protocol.
Radix was founded in 2013. Initially, it was a research project specializing in blockchains. The startup raised $12.7 million in funding in 2021.
“Radix has its own consensus system, runtime environment, and programming language,” said Piers Ridyard, CEO of the startup.
The startup plans to launch a mainnet called Babylon in the second quarter of this year. According to Ridyard, more than 50 projects will soon be building DeFi and NFT platforms based on Radix using the Scrypto programming language.
Recall that last fall, the Mysten Labs startup raised $300 million to create the Sui blockchain. In November 2022, the developers launched a test network, and in December they revealed the details of the distribution of native tokens after the start of the mainnet.
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