Injective Raises $40,000,000 to Advance Web3 Finance

Injective Raises $40,000,000 to Advance Web3 Finance
Injective Raises $40,000,000 to Advance Web3 Finance

Injective has raised $40M to accelerate the adoption and growth of Web3 finance. The funding round consisted of Jump Crypto and BH Digital (the crypto arm of famed hedge fund manager Alan Howard).

This new capital will enable Injective to spur further development aimed at creating the industry-leading blockchain optimized for financial applications. Injective will also continue to invest in its rapidly growing ecosystem in order to solidify its position as the premier destination for Web3 DeFi developers. The funding will also be utilized to further increase utility for the native INJ token, which powers Injective, while also creating new liquidity avenues for dApps built on Injective.

Unmatched Ecosystem Growth

Injective has continued to grow at an unprecedented level. Injective now has reached over 92 million on-chain transactions, outpacing many popular layer one protocols in the market today. Given its state of the art infrastructure, Injective is able to confirm every transaction instantly with zero delays and near zero fees.

dApps built on Injective have already generated over $7 Billion in cumulative volume, becoming one of the fastest growing ecosystems in the industry today. With the launch of its multichain CosmWasm smart contracts layer last month, Injective has now taken a pivotal step towards its evolution as it is now poised to be the leading infrastructure optimized for DeFi applications. Injective’s smart contract layer uniquely can enable automatic execution at every block, making it the first and only automated smart contract capable blockchain.

In addition to further development, the new raise will be able to support developers who focus on diversifying the Injective ecosystem. New applications, such as prediction markets, lending protocols, and savings dApps, can all build on Injective and utilize its core modules to continue expanding the Injective ecosystem.

Rising Institutional Adoption

The funding also helps to highlight Injective’s rapidly growing appeal within institutional circles globally.

Injective has built and is continuing to pioneer solutions that aim to interconnect crypto with the world of traditional finance, which is crucial for the mass adoption of DeFi. Injective currently provides a number of institutional grade modules, such as a fully on-chain order book, binary options and derivatives. Normally, building even just one of these core financial structures is an arduous task that can take a great deal of time to perfect, but now with the help of Injective, developers can launch unique finance-focused projects without having to deal with the myriad of technical intricacies.

As Injective continues to push forth innovative solutions for DeFi, traditional institutions are able to smoothly transition over to a new world of Web3 enabled finance. The raise signifies this vision for the future of finance, which will only continue to bring more institutions over to Injective. With consistent upgrades, such as the implementation of negative maker fees for markets launched on Injective, Injective is spearheading the efforts needed to bring the best financial institutions into crypto.

“Businesses and financial institutions have already begun to participate in DeFi in a big way and the natural next step will be building personalized decentralized applications. Injective offers these institutions an out-of-the-box solution that can be leveraged to build any finance app. We look forward to building together with the Injective community and are optimistic about the ecosystem’s future growth,” said Kanav Kariya, President of Jump Crypto.

Community Led Development

At the core of Injective is its vibrant community of developers and early adopters.

Since its initial incubation by Binance in 2018, Injective and its community has held steadfast to its mission of creating a truly free and decentralized financial network for everyone. The raise greatly helps move the Injective community further along towards realizing this very goal.

“We are excited to collaborate with our partners, including Jump Crypto, which we expect will be a major boon for the broader Injective ecosystem,” said Eric Chen, co-founder and CEO of Injective Labs. “With Jump as a major force in the crypto ecosystem, the partnership will be focused on expanding Injective’s network and further increasing adoption across the dApps built on Injective.”

About Injective

Injective is a lightning fast interoperable layer one blockchain optimized for building the premier Web3 finance applications. Injective provides developers with powerful plug-and-play modules for creating unmatched dApps. INJ is the native asset that powers Injective and its rapidly growing ecosystem. Injective is incubated by Binance and is backed by prominent investors such as Jump Crypto, Pantera and Mark Cuban.

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