Radix Pulls $10M in New Funding to Top $400M in Valuation
Some of the solutions being developed on Radix include but are not limited to those hinged on dApps for trading, saving, lending, borrowing, gaming, NFTs, and wallets.
Blockchain-based Web 3.0 startup Radix Token has announced it has raised the sum of $10 million in new funding as it continues to bolster its engagement to help chart the evolution of the blockchain ecosystem. According to a Press Release shared with Coinspeaker, the Radix funding was led by DWF Labs, one of the biggest players in the Web 3.0 world.
“It is fantastic to have the DWF Labs team focused on the coming Radix ecosystem and lending their expertise and capital to the launch of the coming Radix mainnet, Babylon,” Andy Jarrett, Director, Radix Tokens (Jersey) Ltd said in a statement.
Radix is a high-potential blockchain protocol with a proprietary asset-oriented smart contract platform. While it has been building the Radix protocol for some time, the startup said the recent cash injection will help it hasten the work it is doing in that regard.
Specifically, Radix said the new funding will be deployed toward the launch of its Babylon Mainnet which will introduce smart contract functionalities for the first time. Its technological offering as well as its commitment to the evolution of Decentralized Finance (DeFi) have made Radix a viable protocol to back.
The support from DWF Labs is coming at a time when there is a general distrust for blockchain protocols following the recent mishaps the industry has faced. Besides the bouts of bankruptcies recorded in 2022, this year has seen the collapse of Genesis Global, Silvergate, and Signature Banks respectively.
Nonetheless, DWF Labs saw the potential in Radix as an infrastructure service provider for the Web 3.0 world, making its business a viable one even for the long term.
Radix Funding to Help Shift the Standard
Radix got the support it needed from DWF Labs because the outlook of the protocol appears as one that has what it takes to shift the standard in the functionalities that are currently missing in the blockchain ecosystem.
Boasting of more than 50 projects currently building solutions on its platform, Radix is optimistic, and so are its investors that the Babylon Mainnet will usher in a whole new era for the protocol and the industry at large.
“We are thrilled to lead the $10 million funding round for Radix Tokens (Jersey) and support their vision of building out a high throughput DeFi ecosystem. We are excited to bring our expertise and capital to the launch of the coming Radix mainnet and see great potential in the more than 50 projects currently building on Radix. We look forward to seeing Radix’s continued success in the asset-oriented smart contract space,” said Andrei Grachev, Managing Partner of DWF Labs.
Some of the solutions being developed on Radix include but are not limited to those hinged on dApps for trading, saving, lending, borrowing, gaming, NFTs, and wallets. Radix has an ongoing grants program for promising developers.
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Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
