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Some of the solutions being developed on Radix include, but are not limited to, dApp-dependent solutions for trading, savings, lending, lending, gaming, NFTs, and wallets.
Blockchain-based Web 3.0 startup Radix Token has announced that it has raised $10 million in new funding as it continues to strengthen its engagement to help chart the growth 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 see the DWF Labs team focusing on the growing Radix ecosystem and lending their expertise and capital to the launch of the upcoming Radix mainnet, Babylon,” said Andy Jarrett, director of Radix Token (Jersey) Ltd., in a statement.
Radix is a high-capacity blockchain protocol with a proprietary asset-oriented smart contract platform. While it has been building out the Radix protocol for some time, the startup said that the recent cash injection will help accelerate work in this regard.
Specifically, Radix said the new funding will be deployed towards the launch of its Babylon mainnet, which will introduce smart contract functionality for the first time. its technical offering as well as its commitment to the development of decentralized finance (DeFi) has created a viable protocol to back the radix.
The support from DWF Labs comes at a time when there is a general mistrust for blockchain protocols following the recent mishaps faced by the industry. In addition to the number of bankruptcies recorded in 2022, this year has seen collapse Genesis Global, Silvergate and Signature Bank respectively.
Nonetheless, DWF Labs saw potential in Radix as an infrastructure service provider for a Web 3.0 world, making its business viable in the long term.
Radix Funding to help change the standard
Radix got the support it needed from DWF Labs as the protocol’s vision seems like it has what it takes to move the standard into functionalities that are currently missing in the blockchain ecosystem.
Boasting 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 new era for the protocol and industry at large.
“We are thrilled to lead a $10 million funding round for Radix Token (Jersey) and support their vision of building a high throughput DeFi ecosystem. We look forward to bringing our expertise and We are excited to bring in the capital and see great potential in the more than 50 projects currently being built on Radix. We look forward to seeing the continued success of Radix in the asset-oriented smart contract space,” said Andrei Grachev, Managing Partner, DWF Labs he said.
Some of the solutions being developed at Radix include, but are not limited to, hinges on DApp for trading, savings, lending, borrowing, gaming, NFTs and wallets. Radix has an ongoing grant program for promising developers.
Benjamin Godfrey is a blockchain enthusiast and journalist who loves to write about real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies drives his contributions to well-known blockchain-based media and sites. Benjamin Godfrey is a lover of sports and agriculture.