Blockchain firm Radix Tokens has announced a successful funding round that has raised $10 million ahead of the launch of its Babylon mainnet, which will enable smart contract capability on the Radix network for the first time.
The funding round was led by market maker and investment firm DWF Labs, bringing Radix Tokens’ valuation to $400 million, according to an email sent by the Jersey-based company on Thursday.
Radix Tokens aims to address the risk of hacks in decentralized finance (DeFi) through its Scrypto asset-oriented smart contract language.
This language provides developers with a ready-to-use tool for creating assets and setting transaction rules. With over 50 projects currently building on its blockchain, Radix Tokens offers various services such as trading, saving, lending, gaming, non-fungible tokens (NFT), and wallets.
DWF Labs, the lead investor in this funding round, has been investing heavily this month. In addition to this $10 million funding, the investment firm led a $40 million funding round into decentralized autonomous organization (DAO) tomi, and made multimillion-dollar purchases of native tokens from blockchain infrastructure provider Orbs Network and derivatives protocol Synthetix.