Layer 1 blockchain Injective launches $150 million ecosystem fund: TechCrunch

Injective, the layer 1 blockchain, launched a $150 million ecosystem fund to support interoperable infra and DeFi adoption, TechCrunch reported, citing platform CEO and co-founder Eric Chen.
“There isn’t really an established ecosystem fund for Injective and Cosmos as a whole,” Chen told TechCrunch. “We call it a venture consortium because they can get investments from there or direct institutions.”
The fund will be deployed over a few years, Chen added. Pantera, Jump Crypto, Kraken Ventures, Kucoin Ventures and Delphi Labs, among others, joined in backing the fund that aims to support projects involving interoperability, DeFi, trading, proof-of-stake infrastructure and scalability solutions.
Injective raised a $40 million round in a private token sale led by Jump Crypto in August of last year. Jump also acts as a market maker for Injective Pro, one of the ecosystem’s decentralized apps.

© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

This article has been originally published at: https://www.theblock.co/post/205434/layer-1-blockchain-injective-launches-150-million-ecosystem-fund-techcrunch