WEB3

Injective Announces $150M Ecosystem Venture Group to Accelerate Adoption

by BSCN

January 28, 2023

The new group will be a consortium that will combine the forces of connected insititutions to increase the interoperability of layer-1 chains.

Injective Leads Ecosystem Group

Injective has announced the launch of an ecosystem venture group created to build financial applications that received $150 million in backing from groups like Pantera Capital, Jump Crypto, and Kucoin Ventures.

The new funds will back a consortium that will seek to increase interoperability among the growing financial applications across Web3. The group will focus specifically on “Decentralized Finance (DeFi), trading, PoS infrastructure, and scalability solutions” within the Cosmos ecosystem, according to the January 25 press release. Injective will also host the “Injective Global Virtual Hackathon” to kick off the event.

"We're thrilled to see some of the largest names in the industry joining Injective's mission to create a more democratized financial system through decentralization," said Eric Chen, co-founder and CEO of Injective Labs. "Developer activity on Injective is rapidly increasing with major projects and this new ecosystem fund will provide unmatched opportunities for new builders entering Web3 and the Cosmos ecosystem overall."

Injective has opened applications for projects and creators to apply for participation in the fund. Upon application, Injective will pair projects with relevant institutions to help support building and development. The consortium hopes to bring more builders of Layer-1 protocols together to boost interoperability through the Injective ecosystem.

What is Injective:

Injective is a lightning-fast interoperable layer one blockchain that brings Cosmos and Ethereum interoperability to the premier finance applications. Injective provides developers with powerful modules for building exchange, DeFi, derivatives & Web3 apps. INJ is the native deflationary asset that powers the Injective Protocol and its rapidly growing ecosystem. Injective is incubated by Binance and is backed by prominent investors such as Jump Crypto, Pantera, and Mark Cuban.