Decentralised smart contract platform Injective raises $40m
Web 3.0 investment firm Jump Crypto led the round with participation from BH Digital
Injective, a Layer 1 blockchain platform built for decentralised finance (DeFi) applications, has raised $40m (£33.1m) in a new funding round to accelerate its services and to enhance the support for new applications on its platform.
Web 3.0-focused investment firm Jump Crypto led the round, with participation from BH Digital, the crypto arm of hedge fund manager Alan Howard.
Injective said it has processed more than 90 million transactions to date, surpassing popular blockchains, such as Solana, despite only being live for a few months. Decentralised apps built on the platform have also generated more than $7bn in cumulative volume, as the start-up aims to become one of the fastest growing ecosystems in the crypto sector.
No signs of venture capital slowdown
Despite the market downturn during the earlier months of 2022, which has seen Bitcoin lose nearly 50% of its value, venture capital funding for crypto start-ups and blockchain firms have shown no signs of slowing down. Newly created funds, such as the $100m crypto fund by Singapore-based LongHash Ventures, as well traditional finance firms moving into the world of venture capital, have created a consortium of new players ready to back innovative Web 3.0 start-ups.
Injective is one of the start-ups looking to disrupt within the market, as it aims to pioneer solutions to interconnect crypto with the world of traditional finance, which it says is crucial for the mass adoption of DeFi.
‘Next DeFi step is personalised DApps’
Kanav Kariya, president of Jump Crypto, said: “Businesses and financial institutions have already begun to participate in DeFi in a big way and the natural next step will be building personalised decentralised applications [DApps].
“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.”