A layer-1 blockchain focused on developing financial applications. Injective (INJ), altcoin has launched a $150 million ecosystem fund initiative, according to Eric Chen, CEO and co-founder of the platform.
Injective (INJ) Altcoin Founder Speaks About $150 Million Investment
Chen said in his statement:
“We’ve seen many ecosystem funds do various things in the past, but there is no established ecosystem fund for Injective and Cosmos as a whole. We call it a venture consortium because they can receive investments from there or directly from institutions.”
Injective was incubated by Binance Labs in 2018 and later backed by Jump Crypto, Pantera Capital and billionaire entrepreneur Mark Cuban. The company completed a corporate funding round from Brevan Howard and Jump in the third quarter of 2022.
The altcoin’s ecosystem is decentralized such as Coinbase, Figment, Pyth, and Wormhole. cryptocurrency works with applications (dApps).
The new ecosystem fund is supported by previous investors such as Pantera and Jump, as well as other web3 investors such as Kraken Ventures, Kucoin Ventures, Delphi Labs, Flow Traders, Gate Labs and IDG Capital. Chen said $150 million is the capital raised by the consortium and will be distributed “in a few years”.
The group aims to support projects built on Injective or Cosmos blockchains in the interoperability, DeFi, commerce, proof-of-stake infrastructure and scalability solutions sectors.
Chen continued his statements as follows:
“It will begin to support early-stage projects, then gradually move from seed to later stages as the ecosystem as a whole grows.
With the launch of this consortium, we will launch this ecosystem fund with a hackathon to bring investors and supporters together. This will basically provide much more opportunities for consortium members as well.”
The Injective Global Virtual Hackathon will kick off in March for a four-week online event with $1 million in prizes, grants and investments.
*Not investment advice.
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