injectionis a Layer 1 blockchain focused on building financial applications.
“We have seen many ecosystem funds doing different things in the past, but there is really no established ecosystem fund for Injective and Cosmos as a whole,” Cheng said. increase. “We call it a venture consortium because they can get investment from them or directly from institutions.”
Injection binance lab 2018 onwards jump crypto, Pantera Capital, billionaire entrepreneur Mark Cuban. Raised an institutional funding round from Brevan Howard and Jump in the third quarter of 2022.this is ecosystem It works with decentralized applications (dApps) such as Coinbase, Figment, Pyth, and Wormhole to name a few.
Its new ecosystem fund is backed by previous investors such as Pantera and Jump, as well as other web3 players such as Kraken Ventures, Kucoin Ventures, Delphi Labs, Flow Traders, Gate Labs and IDG Capital. The $150 million is pooled capital from the consortium and will be rolled out over “several years,” Chen said.
The group aims to support projects built on the Injective or Cosmos blockchains in the sectors of interoperability, DeFi, trading, proof-of-stake infrastructure and scalability solutions. said the company.
“We will start backing early-stage projects and slowly move from seed to late-stage as the entire ecosystem grows,” Chen added. “With the launch of this consortium, we will launch this ecosystem his fund with a hackathon to bring in investors and backers. ”
Launching in March, the Injective Global Virtual Hackathon is a four-week online event with $1 million in prizes, grants and investments.
“It’s an important time to stand up and boost people’s building,” Chen said. “For Injective, we are seeing a surge of builders from other Layer 1 networks, but more importantly, [centralized finance] Builders like exchanges and trading houses committed to creating something truly decentralized. ”
In today’s market, there are many high-quality projects seeking support, but reaching investors has become more difficult, Chen said. “They are still rolling out and this consortium is a strong signal that they are backing new projects and their funding is actively participating in the ecosystem.”