Radix, a Layer 1 blockchain network that claims to provide a "radically" better developer and user experience, said Thursday it reached a $400 million valuation in a new $10 million funding round.

The token round was entirely backed by DWF Labs, Radix CEO Piers Ridyard told The Block in an interview. He said DWF had already provided $8 million in funding, and the remaining $2 million will be given in the near future.

DWF has been buying Radix's XRD tokens since last December on a daily basis from Radix Tokens (Jersey), the token issuing unit of Radix, Ridyard said. He declined to comment on DWF's token-unlocking schedule.

DWF, a web3 investment firm and market maker, has recently become an active backer of token projects, investing in over 15 projects including Conflux, Orbs, Synthetix and Onomy Protocol. Ridyard said DWF became interested in Radix's technology stack and mission after the launch of its RadFi platform in December.

Radix started in 2013 as a blockchain research project. It was established as a company in 2017 and has been under development since then.