Pantera Capital-backed Injective Labs has raised US$40 million to be used to create blockchain optimized for financial applications, it said in a statement.
See related article: Singapore DeFi derivatives exchange SynFutures closes US$14M fund raise
- The funding round was led by Jump Crypto and BH Digital, the crypto arm of hedge fund manager Alan Howard.
- Injective, a layer-1 network, will also use the capital to increase utility for its native INJ token, as well as create new liquidity avenues for dApps (decentralized applications) built on Injective.
- Jump Crypto has previously engaged in similar deals with blockchains such as Solana and Oasis, it said in a statement.
- The new capital will support developers who focus on diversifying the Injective ecosystem, the company said.
- New applications, such as prediction markets, lending protocols and savings dApps, can all build on Injective while utilizing its core modules to expand the Injective ecosystem.
- Injective said it now has reached over 92 million on-chain transactions, while dApps built on Injective have generated over US$7 billion in cumulative volume.
See related article: KuCoin raises US$10 mln despite cool off in crypto venture funding