Layer 1 blockchain Injective has rolled out a USD 150 million ecosystem fund to encourage interoperable DeFi and infra adoption.
The news was reported by TechCrunch which cited Eric Chen, Injective’s co-founder and CEO. According to him, the ecosystem fund for Cosmos and Injective is called a venture consortium since they can direct institutions or obtain investments from there. In a few years, the ecosystem fund will be fully launched, the CEO continued.
Delphi Labs, Jump Crypto, Kucoin Ventures, Pantera, Kraken Ventures, and others, chose to back the ecosystem fund since it seeks to encourage platforms involved in trading, Proof of Stake (PoS) projects, DeFi, scalability, and interoperability solutions.
In August 2022, Jump Crypto conducted a private digital asset sale in which Injective managed to raise a sum of USD 40 million. One of Injective’s projects, a decentralized app called Injective Pro, has Jump acting as a market maker.
Injective became an interoperable network with access to Ethereum and Cosmos. It consists of a platform that offers decentralized smart contracts, focusing on finance apps. It provides plug and play solutions which developers use to develop protocols for lending, exchanges, derivatives, and options.
The new fund’s first initiative will be the Injective Global Virtual Hackathon, which will be launched to enable global devs to find out how to use Injective for building.
