Injective launches 150 million USD development fund, INJ price increases 26%

Blockchain protocol Injective announced the establishment of an ecosystem development fund worth 150 million USD, the news caused the price of INJ coin to jump.

Injective launches 150 million USD development fund, INJ price increases 26%

Blockchain platform Injective (INJ) on the evening of January 25 said that it will spend 150 million USD as a development fund for projects in its ecosystem.

This development fund is backed by many large investment funds in the crypto industry, including Pantera Capital, Jump Crypto, Kraken Ventures, Kucoin Ventures, Delphi Labs, Flow Traders, Gate Labs and IDG Capital. The $150 million development fund will be distributed over several years.

Injective is a blockchain developed on the Cosmos platform founded in 2018, undergoing incubation by Binance Labs and each INJ coin IEO on Binance Launchpad. In August 2022, the project announced that it had successfully raised 40 million USD from Jump Crypto.

Injective CEO Eric Chen said:

“We have seen many ecosystem development funds do a lot of things, but there is still not a single fund dedicated to Injective in particular or Cosmos in general. We call this an investment fund alliance because the project can receive money from the development fund or from the organizations in the alliance itself.”

Initially, the above 150 million USD fund will focus on projects developed on Injective or Cosmos in areas such as increasing connectivity, DeFi, scaling, Proof-of-Stake or transactions.

Thanks to the above news, the price of INJ at one point jumped 26% to $2.45, the highest value threshold for this coin since November 8, 2022, when the cryptocurrency market dumped heavily because of the crash. of the FTX exchange. However, INJ is still very far from its ATH peak of 25.3 USD, established in May 2021.

1h chart of the INJ/USDT pair on Binance at 09:25 PM on January 25, 2023

The word ecosystem development fund is a trend that is joined by nearly every well-known layer-1 blockchain in the crypto industry during the second half of 2021 to early 2022. However, after the market crash of the year. Recently, the number and size of these funds have decreased significantly.

Synthetic Kyptos

Stay in the Loop

Get the daily email from CryptoNews that makes reading the news actually enjoyable. Join our mailing list to stay in the loop to stay informed, for free.

Latest stories

- Advertisement - spot_img