Jersey-based blockchain firm, Radix Tokens, has raised $10 million in funding ahead of the introduction of its Babylon mainnet. The new mainnet will allow smart contract capability on the Radix network for the first time, making it one of the few platforms capable of supporting DeFi solutions with greater safety.
The funding round was led by DWF Labs, a market maker and investment firm, and gives Radix Tokens a valuation of $400 million, according to the company’s statement on Thursday. DWF Labs has been investing aggressively this month, with this funding round marking its fourth major investment in the blockchain space.
Radix Tokens aims to address the risk of hacks in decentralized finance (DeFi) through Scrypto, an “asset-orientated smart contract language.” This language provides developers with an off-the-shelf tool for creating assets and setting the rules by which they can be transacted.
The Radix blockchain already has over 50 projects building on it, offering various services such as trading, saving, lending, gaming, non-fungible tokens (NFT), and wallets. The introduction of smart contract capability on the Babylon mainnet is expected to enhance the security and efficiency of these offerings.
With the recent investment, Radix Tokens is poised to compete with other blockchain platforms in the DeFi space. The company is focused on providing a safer and more reliable alternative to traditional finance through decentralized solutions.
