Announcing that it has launched a $150 million ecosystem fund, a Cosmos-based altcoin project gained double-digit value in a short time after the news.
Cosmos-based altcoin flies on $150M funding news
Injective (INJ), the Cosmos-based L1 Blockchain that creates DeFi applications that can access other blockchains, has announced a $150 million ecosystem initiative with partners including crypto investment firms Pantera Capital and Kucoin Ventures, market maker Jump Crypto, and research and development center Delphi Labs. The fund will support projects that accelerate the adoption of interoperable infrastructure and decentralized finance (DeFi).
Eric Chen, CEO and co-founder of the platform, said of the $150 million ecosystem initiative, “We’ve seen many ecosystem funds do various things in the past, but there was no established ecosystem fund for Injective and Cosmos as a whole. We call it a venture consortium because they can receive investment from there or directly from institutions.”
Introducing the $150M Injective Ecosystem Fund to accelerate developer adoption 🚀
The initiative is supported by the largest institutions in the space including @PanteraCapital, @KuCoinVentures, @jump_, @idgcapital, @gate_labs, @delphi_labs, and more.https://t.co/yTnWgOILQs
— Injective 🥷 (@injective) January 25, 2023
Injective debuted on launchpad by Binance Labs in 2018 and was later backed by Jump Crypto, Pantera Capital, and billionaire entrepreneur Mark Cuban. In the third quarter of 2022, it received corporate funding from Brevan Howard and Jump. Its ecosystem works with decentralized applications (dApps) such as Coinbase, Figment, Pyth, and Wormhole, to name a few.
The new ecosystem will now offer funding initiative, token and equity investments, and provide operational support through memberships in development, cryptographic research, marketing and community growth. New York-based Injective is also launching a global virtual hackathon where developers can submit projects for potential venture funding.
The ecosystem fund is backed by a number of high-profile companies
The new ecosystem fund is supported 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. Injective CEO Chen said $150 million is raised capital from the consortium and will be deployed “in a few years.”
The investor group aims to support projects built on Injective or Cosmos in the interoperability, DeFi, commerce, staking infrastructure and scalability solutions industries.
Injective (INJ) price gained 20% after the announcement
Ranking 163rd by market cap, the altcoin rallied over 20% after the announcement made on Twitter about two hours ago. INJ is currently trading at $2.26 and ATH price has a long way to go at $25.01.
As you follow on Kriptokoin.com, Polygon (MATIC) and QuickNode were also on the agenda with important partnership and investment news.
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