Home Ethereum Injective raises $40 million to build a finance-focused blockchain

Injective raises $40 million to build a finance-focused blockchain

Injective raises $40 million to build a finance-focused blockchain

Injectivea company that has built and deployed a blockchain specifically designed for finance, said today that he raised $40 million in new funds.

The move capitalizes on a trend in which blockchain-based applications are redefining finance with decentralized technologies. The funds were raised in a private token sale led by Jump Crypto. BH Digital, the crypto assets unit of investment firm Brevan Howard, also participated in the round.

Injective is a fully scalable blockchain product developed for decentralized finance applications, also known as DeFi, which is a rapidly growing industry. DeFi eschews the traditional concept of banks and intermediaries by allowing participants to transact between peers using self-executing smart contracts to transact.

With Injective’s platform, fully decentralized financial applications can be created, such as cryptocurrency exchanges, prediction markets, derivatives and options trading. This is done by providing a large library of cross-chain primitives such as an on-chain financial transaction order book for DeFi applications.

This allows Injective to power existing decentralized applications such as decentralized exchange Injective Pro and sports betting site Pioneer.

Injective’s platform is designed to be highly interoperable with other blockchains, including Ethereum. It also integrates Cosmos, allowing it cross-chain infrastructure. It is part of a major upgrade to its mainnet which happened in July, which added CosmWasm smart contracts to its ecosystem.

“CosmWasm is a much more resource-efficient smart contract environment compared to a traditional Ethereum virtual machine,” Eric Chen, co-founder and CEO of Injective, told ZDNet about the upgrade. “And more importantly, this chain upgrade has added great functionality where it can auto-execute smart contracts at the start of each block.”

The entire platform is designed to be developer-friendly and allows Ethereum-enabled DeFi apps to launch in minutes. It is designed with extremely fast and zero transaction times”gas” a fee to execute a contract, so that transactions do not suffer from bottlenecks once deployed.

Since launching its mainnet in November, Injective has already processed over 90 million transactions, and dapps built on the platform have generated over $7 billion in cumulative volume.

The total value locked in the DeFi market is $44 billion so far, up from $86 billion in January, according to DeFiPulse. This is because of what experts call “crypto winter,” a downturn in cryptocurrency markets caused by a number of factors. These factors included the collapse of the Terra stablecoin ecosystem and the bankruptcy of several major crypto lending platforms such as Capital of the Three Arrows.

Despite the slowdown, DeFi has remained a hot topic among developers and companies that continue to build on and participate in it.

“Companies and financial institutions have already started to participate in DeFi in a big way and the next natural step will be to create custom decentralized applications,” said Kanav Kariya, president of Jump Crypto. “Injective offers these institutions an out-of-the-box solution that can be leveraged to create any financial application.

Injective said it would use the cash injection to further develop its platform, with the goal of creating a better funded blockchain. It will also use it to increase the utility of its native INJ token, which is used on its blockchain to power liquidity for dapps built on it.

Image: Pixabay

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