The issuing business for the asset-focused smart contract platform Radix, Radix Tokens (Jersey), has secured $10 million in new funding. The investment gives the Radix platform a $400 million valuation and was made as part of a private capital round that was headed by DWF Labs.
After acquiring the extra funds, Radix’s efforts to develop its high throughput DeFi ecosystem have been strengthened. The investment comes at a crucial time for Radix, which is getting ready to launch its Babylon mainnet, which will be the first to support smart contracts.
The $10 million round’s primary investor, DWF Labs, is an international leader in market making and multi-stage web3 investing. It has branches in Hong Kong, South Korea, the British Virgin Islands, Singapore, Switzerland, and the United Arab Emirates. Unnamed blockchain venture capitalists and angel investors finalized the private round.
“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.
“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.” – Andrei Grachev, Managing Partner of DWF Labs.
On Radix, more than 50 projects are actively being developed, including dApps for wallets, lending, borrowing, gaming, and NFTs. Radix also presently has a grants program in place. The six teams chosen for the program get financing as well as mentoring and assistance from the team.
