Key Points:
- Pantera Capital and Kucoin Ventures, market maker Jump Crypto, and research and development hub Delphi Labs, Injective, a Cosmos-based layer 1 blockchain for developing finance apps that can access other blockchains, unveiled a $150 million ecosystem initiative
With partners like cryptocurrency investment firms Pantera Capital and Kucoin Ventures, market maker Jump Crypto, and research and development hub Delphi Labs, Injective, a Cosmos-based layer 1 blockchain for developing finance apps that can access other blockchains, unveiled a $150 million ecosystem initiative.
The fund will support initiatives that hasten the adoption of decentralized financing and interoperable infrastructure (DeFi).
In addition to providing operational support through memberships in development, cryptography research, marketing, and community expansion, the initiative will also offer token and equity investments. A global virtual hackathon is also being launched by New York-based Injective, where developers can submit their ideas for prospective investment.
Financial sectors covered by injective-based apps include lending, exchanges, options, and derivatives
The program will provide funding for initiatives that concentrate on scaling, DeFi, trading, proof-of-stake infrastructure, and interoperability. Gate Labs, Flow Traders, IDG Capital, and Kraken Ventures are a few additional backers.
The software development kit (SDK) for Cosmos was used to create Injective’s decentralized smart contract platform, which gives programmers access to modules that expedite the creation of intricate protocols. Through native access to chains made possible by Ethereum and Cosmos IBC (Inter-Blockchain Communication), injective protocols can communicate with one another.
The INJ coin, which has a market cap of around $144.6 million, powers the ecosystem. Injective raised $40 million last August in a funding round supported by Jump Crypto and the hedge firm Brevan Howard to increase INJ’s usefulness in providing liquidity to ecosystem companies.
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