While a lot of retail trading interest has left the crypto space during the bear market, many big players remain, and new ones continue to enter. 👋
The layer-1 financial app builder Injective ($INJ.X) launched a $150 million venture consortium to increase interoperability in not just the DeFi space but for trading/investing and scalability – but only for projects building on Injective or Cosmos ($ATOM.X).
What names/funds are behind this project? Jump Crypto, Pantera Capital, and Mark Cuban originally backed Injective. Still, the new fund includes the investment arms of the Kraken and Kucoin crypto exchanges, Delphi Labs, Flow Traders, IDG Capital, and Gate Labs.
Injective CEO and co-founder Eric Chen said in an interview with TechCrunch that there continues to be significant growth in the crypto space, a surge in builders, but difficulty accessing capital.
“In the current market, there’s a lot of quality projects looking for backing but having more difficulty reaching investors,” said Chen, “… this consortium is a strong signal that they’ll be backing new projects and their funds are actively participating in the ecosystem.” 💰