DeFi project Injective Protocol raises $40M from Alan Howard and Jump Crypto

DeFi protocol Injective Protocol has raised $40 million in a funding round to accelerate the adoption and development of Web3.

The round featured billionaire Alan Howard's Brevan Howard Digital and Jump Crypto.

“We want to be in the best position during a bear market to create and support new developers and take advantage of these opportunities,” said project founder Eric Chen.

The raised funds will be used by Injective Protocol to develop the project ecosystem, the INJ token and Web3 technologies.

“Companies and financial institutions have already begunactively participate in DeFi, and the natural next step will be the creation of personalized decentralized applications,” said Kanav Kariya, president of Jump Crypto.

The INJ token reacted to the news by rising to $2.At the momentThe asset rolled back to the $1.8 area. 

Binance INJ/USDT hourly chart. Data: Trading View.

In April 2021, Injective Protocol closed a $10 million funding round. The project was supported by billionaire Mark Cuban, Pantera Capital, BlockTower, Hashed Ventures, CMS Holdings, and QCP Capital.

As a reminder, Messari and Dove Metrics analystsestimated the amount of funding for blockchain startups in January-June 2022 at $30.3 billion. Of the total, Web3 developers and DeFi protocols each accounted for ~$1.8 billion.

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