By Ryan Lawler
Injective, a layer-1 blockchain for decentralized finance applications, announced Wednesday that it is launching a $150 million ecosystem fund.
Why it matters: Despite the collapse of some major players in the crypto ecosystem, investors remain bullish on the technology's potential for transforming financial applications.
Details: The ecosystem fund aims to support web3 projects building exchanges, options, derivatives or lending applications on the Injective or Cosmos blockchains.
- Potential sectors it will invest in include interoperability, decentralized finance, trading, proof-of-stake infrastructure, rollups and scalability solutions.
- Consortium members include Pantera Capital, Kucoin Ventures, Jump Crypto, IDG Capital, Gate Labs, Delphi Labs, Flow Traders and Kraken Ventures.
- Projects interested in investment can submit an application for consideration or participate in a virtual hackathon the consortium plans to host in March.
Between the lines: "Given recent happenings in the crypto ecosystem, a lot of new projects don’t really know which VCs are active and supporting the space," Injective Labs founder and CEO Eric Chen says.
- "We decided to form this consortium as a signal that these partners are heavily investing in the Injective ecosystem," he added.
Of note: Last August, Injective Labs raised $40 million in a funding round that Jump Crypto led and which included participation from Brevan Howard Digital.
This article originally appeared on Axios.
Injective is a custom interoperable layer one protocol for building powerful exchange, DeFi, derivatives & Web3 applications. Injective was created using the Cosmos SDK and is able to achieve instant transaction finality while sustaining lightning fast speeds. INJ is the native deflationary scarce asset that powers the Injective Protocol and its rapidly growing ecosystem. Injective is incubated by Binance and is backed by Pantera Capital.
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