cryptoslate.com
Finance-focused blockchain Injective has launched a $150 million ecosystem fund to accelerate interoperable infrastructure and decentralized finance (DeFi) adoption, according to a Jan. 25 press release.
The focus of the fund will be limited to founders building within Injective and the broader Cosmos ecosystem.
Built using the Cosmos SDK, Injective provides native access to Cosmos IBC-enabled chains and Ethereum.
The new fund is backed by marquee Web 3.0 firms, including Pantera Capital, Kraken Ventures, Jump Crypto, Kucoin Ventures, Delphi Labs, and IDG Capital, among others. The consortium will support promising projects focusing on interoperability, DeFi, trading, proof-of-stake (PoS) infrastructure, and scalability solutions.
Select Web 3.0 projects will receive bespoke token and equity investments. The projects will also receive mentorship in technical development, cryptographic research, business development, marketing, and community growth.
Eric Chen, co-founder and CEO of Injective Labs, said in the press statement:
“Developer activity on Injective is rapidly increasing with major projects and this new ecosystem fund will provide unmatched opportunities for new builders entering Web3 and the Cosmos ecosystem overall.”
Injective also announced a hackathon to be launched in March with $1 million in prizes, grants, and investments.