Injective Labs, developer of the Injective layer 1 blockchain protocol, 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 who are selected to participate 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 Chen, co-founder and CEO of the company, said 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 nature of DeFi protocols can go a long way towards ensuring transparency and true ownership of funds, which is a major advantage over centralized systems,” says Eric Chen.
Injective partnered with cross-chain platform Wormhole last May to integrate ten new blockchains into its network.