DeFi protocol Injective Protocol raises $40 million from Alan Howard and Jump Crypto

The DeFi protocol Injective Protocol raised $40 million in a financing round to accelerate the adoption and development Web3.

Injective has raised a brand new $40M round from some of the most renowned financial institutions to accelerate the adoption and growth of Web3 finance.

Looking forward to working more closely with the titans over @jump_ and BH Digital.#WAGMI nINJas 🥷https://t.co/T6vR9Tvs58

— Injective 🥷 (@InjectiveLabs) August 10, 2022

The round involved Brevan Howard Digital, billionaire Alan Howard’s, and Jump Crypto took part in the round.

“We want to be in the best position during the bear market to create and support new developers and leverage these opportunities,” said the project\’s founder, Eric Chen.

The funds will be directed toward the development of the project\’s ecosystem, the INJ token, and Web3 technologies.

“Companies and financial institutions have already begun to participate actively in DeFi, and the natural next step will be the creation of personalised decentralized applications,” said Jump Crypto president Kanav Kariya.

The INJ token rose to $2 on the news and as of writing the asset retraced to around $1.80.

In April 2021 Injective Protocol closed a financing round of $10 million. The project was supported by billionaire Mark Cuban, Pantera Capital, BlockTower, Hashed Ventures, CMS Holdings and QCP Capital.

Analysts Messari and Dove Metrics estimated the funding volume for blockchain startups in January–June 2022 at $30.3 billion. Of the total, about $1.8 billion went to Web3 developers and DeFi protocols.

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