NEW YORK, August 10, 2022 — A new USD 40 million fundraising round sponsored by Jump Crypto has been revealed for Injective, a blockchain designed for the financial industry.
Famous hedge fund manager Alan Howard’s cryptocurrency subsidiary, BH Digital, has also participated in the round.
The development of decentralized financial applications, including exchanges, derivatives, prediction markets, and options, is best served by Injective, the first fully decentralized smart contracts platform. Injective’s interoperable blockchain and pre-built cross-chain primitives, like an on-chain order book and a binary options module, are used by finance apps like Injective Pro and Frontrunner to enable a new network of interconnected Defi applications.
With the additional funds, Injective can boost the value of its native INJ token, give existing apps created on its platform access to liquidity, and financially encourage the development of new dApps. Jump has already entered into comparable all-encompassing agreements with well-known blockchains like Oasis and Solana.
Injective uses the Ignite (formerly Tendermint) proof-of-stake consensus algorithm and is created with the Cosmos SDK. Although it works with other Cosmos IBC-enabled chains, it is specifically compatible with a variety of layer 1s, including Ethereum. Despite being online for only a few months, Injective has already processed over 90 million transactions, exceeding well-known blockchains like Solana. Over USD 7 billion in volume was generated by dApps built on Injective, making it one of the fastest-growing ecosystems in the market right now.
Eric Chen, co-founder and CEO of Injective Labs, said:
“We are pleased to engage with our partners, especially Jump Crypto, which we think will be a big boost for the entire Injective ecosystem.” The cooperation will be concentrated on growing Injective’s network and improving shared liquidity throughout the Injective ecosystem because Jump is a significant player in the cryptocurrency ecosystem.
Injective became the first blockchain with the ability to execute automated smart contracts with a significant mainnet upgrade last month that added a multichain CosmWasm smart contract layer that can be performed automatically at every block. This has made it possible for many well-known apps from other blockchains to start moving over to Injective.
Jump Crypto President Kanav Kariya:
“Building individualized decentralized applications will be the logical next step after businesses and financial institutions start to participate in Defi actively. These institutions can use Injective’s pre-built solution to create any finance app. We are excited to collaborate with the Injective community and optimistic about the ecosystem’s continued expansion”.
The partnership with Jump strengthens Injective’s relationships with essential institutions redefining traditional finance. In the past, Cumberland and other well-known financial organizations have invested in Injective.
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