(The Block) Layer 1 blockchain Injective launches $150 million ecosystem fund: TechCrunch

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The fund will be used to accelerate interoperable infra and DeFi adoption.
CEO Eric Chen told TechCrunch there is a lack of an established ecosystem fund for Injective and Cosmos.

Injective, the Layer 1 blockchain, launched a $150 million ecosystem fund to support interoperable infra and DeFi adoption, TechCrunch reported, citing platform CEO and co-founder Eric Chen.

"There isn’t really an established ecosystem fund for Injective and Cosmos as a whole,” Chen told TechCrunch. “We call it a venture consortium because they can get investments from there or direct institutions.”

The fund will be deployed over a few years, Chen added. Pantera, Jump Crypto, Kraken Ventures, Kucoin Ventures and Delphi Labs, among others, joined in backing the fund that aims to support projects involving interoperability, DeFi, trading, proof-of-stake infrastructure and scalability solutions.

Injective raised a $40 million round in a private token sale led by Jump Crypto in August of last year. Jump also acts as a market maker for Injective Pro, one of the ecosystem's decentralized apps.

This article originally appeared on The Block.

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.