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Injective launches $150M ecosystem fund to accelerate adoption of interoperable infra and DeFi • TechCrunch

Injective, a layer-1 blockchain focused on building financial applications, has launched a $150 million fund ecosystem initiative, the platform’s CEO and co-founder Eric Chen told TechCrunch.

“We’ve seen a lot of ecosystem funds in the past doing various things, but there really isn’t an established ecosystem fund for Injective and Cosmos as a whole,” Chen said. “We call it a venture capital consortium because they can get investments from there or run institutions.”

Injective was incubated by Binance Labs in 2018 and later backed by Jump Crypto, Pantera Capital, and billionaire entrepreneur Mark Cuban. In Q3 2022, it raised an institutional funding round from Brevan Howard and Jump. Its ecosystem works with decentralized applications (dApps) such as Coinbase, Figment, Pyth, and Wormhole, to name a few.

Its new ecosystem fund is backed by former investors like Pantera and Jump as well as other web3 players including Kraken Ventures, Kucoin Ventures, Delphi Labs, Flow Traders, Gate Labs and IDG Capital. The $150 million was pooled by the consortium and will be deployed over “a few years”, Chen said.

The group aims to support projects built on Injective or Cosmos blockchains in the areas of interoperability, DeFi, trading, proof-of-stake infrastructure and scalability solutions, it said. he declares.

“It will start supporting projects at an early stage and then slowly move from the start-up phase to later stages as the ecosystem as a whole grows,” Chen added. “With the launch of this consortium, we will launch this ecosystem fund with a hackathon to attract investors and funders. It will also provide many more opportunities for consortium members. »

The Injective Global Virtual Hackathon kicks off in March for a four-week online event with $1 million in prizes, grants, and investments.

“It’s a pivotal time to stand up and support people who are building,” Chen said. “For Injective’s case, there is a huge increase in vendors from other Layer 1 networks, but more importantly [centralized finance] builders like exchanges and trading companies that are committed to creating something truly decentralized.

In today’s market, many quality projects seek support but find it harder to reach investors, Chen noted. “They are still rolling out and this consortium is a strong signal that they will support new projects and that their funds are actively participating in the ecosystem.”

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