Layer 1 blockchain Injective launched a $150 million ecosystem fund to “accelerate developer adoption” for optimized financial applications.
What Happened: Injective’s new fund is supported by notable Web3 and traditional finance organizations which the company said represented the largest consortium in the Cosmos ecosystem. Partners include Pantera Capital, Kucoin Ventures, Jump Crypto, IDG Capital, Gate Labs, Delphi Labs, Flow Traders and Kraken Ventures.
Injective’s CEO and co-founder Eric Chen explained the intention of the fund to TechCrunch in an interview:
“We’ve seen a lot of ecosystem funds in the past do various things, but there isn’t really an established ecosystem fund for Injective and Cosmos as a whole. We call it a venture consortium because they can get investments from there or direct institutions.”
The Injective Ecosystem Fund provides funding to support builders with a range of specialties, such as interoperability, DeFi, trading, PoS infrastructure and scaling solutions.
Chen added the fund would start with early-stage projects and mark its launch with a hackathon to attract talent and investors and create more opportunities for participants.
Developers were asked to submit an application that details the concept, team and development plan which would be reviewed by the Venture Group.
Photo: Arek Socha from Pixabay.