Tuesday, June 25, 2024
spot_imgspot_img
HomeNewsProminent Institutional Investors Back Injective Protocol Decentralized Cryptocurrency Derivatives Exchange for$2.6M

Prominent Institutional Investors Back Injective Protocol Decentralized Cryptocurrency Derivatives Exchange for$2.6M

Decentralized derivatives exchange Injective Protocol raised $2.6 million dollars in a seed funding round led by Pantera Capital with participation from world-renowned institutional investors including QCP’s investment arm QCP Soteria, Axia8 Ventures, and OK’s strategic investment partner K42.

Paul Veradittakit, Partner at Pantera Capital, commented on Injective Protocol:

“Injective Protocol scalably brings advanced derivatives capabilities to DeFi while being uncompromisingly decentralized. We see Injective as a strong contender to expand DeFi beyond just Ethereum power users and to serve as an integral layer ushering the new dawn of decentralized derivatives.”

Injective Protocol aims to solve critical scalability and user experience bottlenecks that trouble decentralized exchanges (DEXs). Beyond providing working capital, the new strategic investors will also provide liquidity solutions for the decentralized exchange as well as support Injective Protocol’s business development and market brand recognition internationally.

Selected as one of the eight projects to join the Binance Labs Incubation Program in 2018, Injective Protocol has sought to improve the poor liquidity, high latency and lack of compelling product offerings that characterized decentralized exchanges.

Today, Injective Protocol’s Layer-2 derivatives exchange protocol provides a fully decentralized, trustless, and front-running resistant exchange protocol that improves the experience of decentralized derivatives trading.

The fresh round of funding arrives in time as the team gears up for mainnet launch and token issuance in the latter half of this year.

The disclosed list of investors for the round includes Pantera Capital, QCP Soteria, K42, Axia8 Ventures, Boxone Ventures, Bitlink Capital, BitScale, Krypital Group, The Cabin Capital, and Innovating Capital.

Founded in 2018, Injective Protocol is a fully decentralized, front-running resistant layer-2 decentralized exchange protocol. The protocol is based on the Cosmos-SDK and Ethereum network that integrates a verifiable delay function (VDF) to prevent trade manipulation and front-running. The company was incubated by Binance Labs.

Richard Kasteleinhttps://www.the-blockchain.com
In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, the Netherlands where he has set down his anchor to raise a family and write. Founder and publisher of industry publication Blockchain News (EST 2015) and director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He has written over 2500 articles on Blockchain technology and startups at Blockchain News and has also published in Harvard Business Review, Venturebeat, Wired, The Guardian and a number of other publications. Kastelein has an Honorary Ph.D. and is Chair Professor of Blockchain at China's first blockchain University in Nanchang at the Jiangxi Ahead Institute software and Technology. He has over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division. Kastelein has spoken (keynotes & panels) on Blockchain technology at over 50 events in 30+ cities.
- Advertisment -spot_imgspot_img

Most Popular

Latest News