Decentralized Exchange (DEX) protocol, Injective announced today it has raised $40 million in a just-concluded funding round. Investors in the round include Jump Crypto and BH Digital, the crypto and digital asset division of Brevan Howard.
Founded in 2018, Injective is an open interoperable layer-1 protocol optimized for decentralized finance (DeFi), derivatives, and Web3 applications.
Injective Raises $40M to Develop Its Ecosystem
Injective said it will use the fresh capital to develop its ecosystem, increase utility for INJ, its native token, and create liquidity avenues for decentralized applications (dApps) built on Injective. The protocol will also allocate funding to support developers building prediction markets, lending protocols, and savings dApps that focus on “diversifying” the Injective ecosystem.
“We are excited to collaborate with our partners, including Jump Crypto, which 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 Injective ecosystem,” Eric Chen, co-founder and CEO of Injective Labs, said.
Injective Growth Since Inception
Injective Protocol has reportedly witnessed significant growth since its inception. The protocol has surpassed 92 million on-chain transactions and also recorded over $7 billion in cumulative volume, which makes it one of the fastest-growing ecosystems in the sector.
The protocol said with the launch of its multi-chain solution, CosmWasm, it has made an important “step towards its evolution as it is now poised to be the leading infrastructure optimized for DeFi applications.”
Ideally, Injective’s recent funding round demonstrates continued investor appetite for the cryptocurrency market, despite recent price declines. Such increased funding undoubtedly provides some leeway for startups to weather a lengthy bear market.
