Positioned as the first exchange-grade Layer-2 protocol, Injective Protocol closed a $10 million financing round. The Block reports, citing representatives of the DeFi project.
Investors in the round included billionaire Mark Cuban, Pantera Capital, BlockTower, Hashed Ventures, CMS Holdings and QCP Capital.
One of the team members, Mirza Uddin, told the outlet that this was a private token sale. According to CoinMarketCap, at the time of writing the INJ token was trading at around $13.
“We sold tokens with a one-year lockup period totaling more than $1 billion,” said Uddin.
The Injective Protocol team will deploy the raised funds to improve the platform and expand its staff by 2022.
“In addition, we are creating our own trading platform to provide liquidity,” said a project representative.
Earlier, Pantera Capital backed the DeFi protocol Liquity Protocol in a Series A round for $6 million.
In the first quarter of 2021, cryptocurrency companies raised around $2.6 billion in venture funding, surpassing the total for all of 2020.
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