The blockchain company Injective Labs, which focuses on DeFi, raised $150 million to develop the project’s ecosystem.
The funds were provided by Pantera Capital, Kraken Ventures and others, TechCrunch reports.
The investor consortium also includes Jump Crypto, KuCoin Ventures, Delphi Labs, Flow Traders, Gate Labs and IDG Capital.
The structure aims to back early-stage blockchain projects built on Injective and Cosmos in areas such as functional interoperability, DeFi, trading, PoS-infrastructure and scalability solutions.
The funds will be deployed over several years.
The ecosystem currently includes integrations with Coinbase, Binance, Ethereum, BNB Chain, CosmosHub, Wormhole and others.
As part of the initiative, the project will run a four-week hackathon with a $1 million prize.
Injective Labs emerged within the Binance Labs ecosystem in 2018. Since then the company has received support from Jump Crypto, Pantera Capital, Mark Cuban and Brevan Howard.
Earlier in 2023, the Venom Foundation blockchain project launched a fund worth $1 billion for investments in Web3.
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