Injective Raised $40M Funds
Injective raised $40M funds to advance 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
dApps built on Injective have already generated over $7 Billion in cumulative volume. Becomes one of the fastest-growing ecosystems in the industry today. With the launch of its multichain CosmWasm smart contracts layer last month, Injective takes a pivotal step towards its evolution. 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. It also aims to interconnect crypto with the world of traditional finance. It is also 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. Now with the help of Injective, developers can launch unique finance-focused projects. Without having to deal with the myriad technical intricacies.
Injective Innovative Solutions For DeFi
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. It will also continue to bring more institutions over to 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,” — Kanav Kariya, President of Jump Crypto.
“We are excited to collaborate with our partners, including Jump Crypto. we expect will be a major boon for the broader Injective ecosystem. 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.”—Eric Chen, co-founder, and CEO of Injective Labs
ABOUT Injective Protocol
Injective is a custom interoperable layer one protocol for building powerful exchange, DeFi, derivatives & Web3 applications. Injective was created using the Cosmos SDK and is able to achieve instant transaction finality while sustaining lightning-fast speeds. INJ is the native deflationary scarce asset that powers the Injective Protocol and its rapidly growing ecosystem.
