Maris Research

Libra Co-Creator’s VC Firm Co-Leads $12M Round in ‘Decentralized GitHub’

In retrospect, it was inevitable: A team of blockchain developers has forked GitHub and come up with a system for collaborating on open source software. There’s even a decentralized finance (DeFi) twist.

Announced Thursday, Radicle, a fully decentralized code repository, has raised $12 million in funding, integrated its peer-to-peer network with Ethereum and launched the RAD governance token

The funding round was led by NFX and Galaxy, with participation from Placeholder, Electric Capital and ParaFi Capital; Naval Ravikant, Balaji Srinivasan and Meltem Demirors were also involved. Notably, it’s the first crypto investment from NFX since Libra co-creator Morgan Beller left Facebook and joined the VC firm in September 2020.

The growing army of “Web 3.0” builders are mismatched with centralized platforms like Microsoft-owned GitHub, said Eleftherios Diakomichalis, co-founder at Monadic, which is building Radicle. The needs of these communities are better served by decentralized autonomous organizations (DAOs) controlling their code repositories, rather than hierarchical platforms with one admin in control, he said.

“We think about Radicle as infrastructure for decentralized communities,” Diakomichalis said in an interview. “When it comes to value, these communities are very used to interacting with value flows; think

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