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Radix Tokens Raises $10M Ahead of Introducing Smart Contract Capability
The funding round was led by market maker and investment firm DWF Labs and gives the firm a valuation of $400 million.
Updated May 9, 2023, 4:11 a.m. Published Mar 23, 2023, 2:00 p.m.
Blockchain firm Radix Tokens has raised $10 million in fresh funding ahead of the introduction of its Babylon mainnet, which will allow smart contract capability on the Radix network for the first time.
The funding round was led by market maker and investment firm DWF Labs and gives Radix Tokens a valuation of $400 million, the Jersey-based firm said in email on Thursday.
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One of Radix's main aims is to tackle the risk of hacks in decentralized finance (DeFi). It does this through Scrypto, an "asset-orientated smart contract language," which provides developers with an off-the-shelf tool for creating assets and setting the rules by which they can be transacted. The blockchain has more than 50 projects building on it, offering trading, saving, lending, gaming, non-fungible tokens (NFT) and wallets.
DWF Labs has been splashing the cash of late with this funding round marking its fourth major investment this month. Earlier this week, it led a $40 million funding into decentralized autonomous organization (DAO) tomi, which followed multimillion-dollar purchases of the native tokens of blockchain infrastructure provider Orbs Network and derivatives protocol Synthetix.
Read more: Affine Protocol Raises $5.1M From Industry Heavyweights to Develop DeFi Yield Offering
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