(Tech In Asia) Mark Cuban-backed blockchain firm launches $150m Web3 initiative

By Deepti Sri

Injective, a blockchain for building financial applications, has announced a new US$150 million initiative backed by a consortium of investors including Pantera Capital, Kraken Ventures, Jump Crypto, and KuCoin Ventures.

Delphi Labs, Flow Traders, Gate Labs, and IDG Capital also joined the initiative to back “promising” projects. It aims to support developments in the interoperability, decentralized finance, and point-of-sale infrastructure sectors, among others.

Investors in the initiative will provide token and equity investments as well as mentorship in areas such as technical development, cryptographic research, and community growth. It aims to focus on founders in the Injective ecosystem as well as within the Cosmos network.

Injective’s platform helps developers build protocols focused on exchanges, derivatives, lending, and other similar activities. The company was incubated at Binance and backed by Mark Cuban.

Some projects that have recently launched on Injective’s chain include White Whale, Frontrunner, and Kado.

This article originally appeared on Tech In Asia.

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.