Digital asset markets have been shaky over the past year, but the blockchain sector continues to scale as demand intensifies from both crypto-native and traditional institutions looking to take advantage of the space.
Decentralized smart contract platform Injective is the latest to announce a new $150 million ecosystem initiative to spur adoption of interoperable infrastructure and DeFi.
Leading the charge is a consortium of prominent Web3 players such as Pantera Capital, Kraken Ventures, Jump Crypto, Kucoin Ventures, Delphi Labs, Flow Traders, Gate Labs, and IDG Capital, among others. Injective has assembled the largest consortium to date within the broader Cosmos ecosystem for this purpose.
$150 million fund
Members will focus on supporting the construction of promising projects within a wide range of sectors spanning interoperability, decentralized finance, commerce, proof-of-stake (PoS) infrastructure, and scalability solutions.
In addition to a bespoke token, the consortium will also provide support through equity investments, along with mentoring in technical development, crypto research, business development, marketing, community growth, etc.
According to the official press release shared with crypto potato, the focus will also be on founders building within Injective and the broader Cosmos ecosystem. Commenting on the initiative, Eric Chen, co-founder and CEO of Injective Labs, the firm behind Layer 1 blockchain, stated:
“We are delighted to see some of the biggest names in the industry join Injective’s mission to create a more democratized financial system through decentralization. Developer activity at Injective is increasing rapidly with major projects and this new ecosystem fund will provide unmatched opportunities for new developers entering Web3 and the Cosmos ecosystem at large.”
financing round
In the midst of a brutal crypto winter, Injective Protocol raised $40 million in a round led by Jump Crypto last summer. Other entrants leading the funding round included Brevan Howard Digital, the crypto arm of British billionaire hedge fund manager Alan Howard.
The fresh capital infusion was established to be used to support incoming developers. Building critical toolkits, supporting software, and core updates to expand Injective’s ecosystem were some of the other key areas along with increasing the utility of its native token, INJ, and providing liquidity and support for dApps. in your blockchain.
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