Pantera, Kraken, and Others Join Consortium for Injective Labs’ $150M Fund

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The dig­i­tal asset mar­kets have been shaky in the past year, but the blockchain sec­tor con­tin­ues to scale as demand inten­si­fies from both cryp­to-native as well as tra­di­tion­al insti­tu­tions eye­ing to lever­age the space.

Decen­tral­ized smart con­tracts plat­form Injec­tive is the lat­est to announce a new $150 mil­lion ecosys­tem ini­tia­tive to spur the adop­tion of inter­op­er­a­ble infra­struc­ture and DeFi.

Lead­ing the charge is a con­sor­tium of promi­nent Web3 play­ers such as Pan­tera Cap­i­tal, Krak­en Ven­tures, Jump Cryp­to, Kucoin Ven­tures, Del­phi Labs, Flow Traders, Gate Labs, and IDG Cap­i­tal, among oth­ers. Injec­tive has assem­bled the largest con­sor­tium to date with­in the broad­er Cos­mos ecosys­tem for the purpose.

$150M Fund

The mem­bers will focus on back­ing promis­ing projects build­ing with­in a diverse array of sec­tors encom­pass­ing inter­op­er­abil­i­ty, decen­tral­ized finance, trad­ing, Proof-of-Stake (PoS) infra­struc­ture, and scal­a­bil­i­ty solutions.

Aside from a bespoke token, the con­sor­tium will also sup­port via equi­ty invest­ments, along­side men­tor­ship in tech­ni­cal devel­op­ment, cryp­to­graph­ic research, busi­ness devel­op­ment, mar­ket­ing, com­mu­ni­ty growth, etc.

Accord­ing to the offi­cial press release shared with Cryp­toPota­to, the focus will also be on founders build­ing with­in Injec­tive and the broad­er Cos­mos ecosys­tem. Com­ment­ing on the ini­tia­tive, Eric Chen, co-founder, and CEO of Injec­tive Labs, the firm behind the layer‑1 blockchain, stated,

“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. 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.”

Funding Round

Amid a bru­tal cryp­to win­ter, Injec­tive Pro­to­col raised $40 mil­lion in a round led by Jump Cryp­to last sum­mer. Oth­er par­tic­i­pants lead­ing the fund­ing round includ­ed Bre­van Howard Dig­i­tal, the cryp­to arm of British bil­lion­aire hedge fund man­ag­er Alan Howard.

The fresh cap­i­tal infu­sion was set to be used to sup­port incom­ing devel­op­ers. Build­ing crit­i­cal toolk­its, sup­port soft­ware, and core upgrades to expand the Injec­tive ecosys­tem were some of the oth­er key areas along­side increas­ing util­i­ty for its native token, INJ’s, and pro­vid­ing liq­uid­i­ty and sup­port to dApps on its blockchain.

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