Cosmos developers secure $5.3 million

Informal Systems has raised $5.3 million to fund its work as the Cosmos ecosystem’s core development team. This was reported by The Block.

The funding round was led by venture firm CMCC Global, with support from Nascent, Maven11, and angels from Celestia and EigenLayer. The funds were issued as convertible notes.

“This fundraising marks an important step for Informal, enabling us to continue expanding the ecosystem, raising the bar for software quality, assets and organisations,” said Informal Systems CEO Ethan Buchman.

Part of the funds will go to support Informal Security’s security auditing division. This will help projects identify bugs and improve protocol code.

The developers also have a project called Collaborative Finance, aimed at bringing together the Cosmos blockchain with fintech organisations.

Earlier, Argus Labs, a startup developing an SDK for creating functionally compatible blockchain games, closed a seed funding round of $10 million with Haun Ventures.

In May, Block CEO Jack Dorsey led a funding round of $6 million for the crypto-payments company Azteco.

In June, the crypto-life-insurance startup Meanwhile raised $19 million with the participation of OpenAI co-founder Sam Altman.