city Venture city Pantera business defi Funding Venture Capital city Venture city Pantera

Injective launches $150M ecosystem fund to boost DeFi, Cosmos adoption

Reading now: 255
cointelegraph.com

Injective, a layer-1 blockchain protocol founded in 2018, has launched a $150 million ecosystem fund to support developers building on the Cosmos network.The so-called ecosystem group is backed by a large consortium of venture capital and Web3 firms, including Pantera Capital, Kraken Ventures, Jump Crypto, Kucoin Ventures, Delphi Labs, IDG Capital, Gate Labs and Flow Traders.

According to Injective, the consortium is the largest assembled within the broader Cosmos ecosystem. Developers selected for the fund will receive support through “bespoke token and equity investments,” in addition to mentorship, technical assistance, business development and marketing, Injective said.

Projects building decentralized finance (DeFI) and interoperability infrastructure will be given the highest priority. Funds have also been earmarked for projects building trading platforms, scalability solutions and proof-of-stake infrastructure.

When asked how funds would be allocated, Injective Labs’ co-founder and CEO Eric Chen told Cointelegraph, “The ecosystem initiative’s approach to allocating funds is to focus on finding the right fit for each project, rather than being too stringent on a set number for funding.” He added: Injective, also known as Injective Protocol, is a decentralized smart contracts platform built using Cosmos SDK, a development kit that promotes faster and more cost-effective infrastructure than Ethereum.

Read more on cointelegraph.com
The website financemag.cash is an aggregator of news from open sources. The source is indicated at the beginning and at the end of the announcement. You can send a complaint on the news if you find it unreliable.
DMCA