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Injective Labs, the developer of the first-level Injective blockchain protocol, has announced the launch of a $150 million fund to support developers using the Cosmos ecosystem.
Injective Labs, which developedLevel 1 blockchain protocol Injective announced the launch of a $150 million fund to support developers using the Cosmos ecosystem. The company created a consortium, which included venture investors and Web3 projects. Among them are Pantera Capital, Kucoin Ventures, Flow Traders, Jump Crypto and others.
Injective said that the developers whowill be selected for participation, will receive support in the form of individual investments in tokens and shares. They will also be able to count on technical support, assistance in marketing and business development. First of all, Injective will focus on projects dedicated to decentralized finance (DeFi).
Eric Co-Founder and CEOChen (Eric Chen) said that the fund will consider projects at an early stage, and the amount of allocated funding will be determined depending on the stage of the project. Projects will be reviewed regularly to decide whether to continue with further investment or not.
“We are convinced that the decentralized natureDeFi protocols can do a great job of guaranteeing transparency and true ownership of funds, which is a major advantage over centralized systems,” says Eric Chen.
Injective entered into a partnership last May
with the Wormhole cross-chain platform to integrate ten new blockchains into its network.