Decentralized exchange (DEX) protocol, Injective announced today it has raised $40 million in a just-concluded funding round. According to the announcement, investors in the round include Jump Crypto and BH Digital, the crypto and digital asset division of Brevan Howard.
Kanav Kariya, President of Jump Crypto, commented on the funding, saying: “We look forward to building together with the Injective community and are optimistic about the ecosystem’s future growth.”
Injective Secures $40M
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 platform noted that the funds will also be used to support developers such as prediction markets, lending protocols, and savings dApps who 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.
Founded in 2018, Injective is an open interoperable layer-1 protocol optimized for decentralized finance (DeFi), derivatives, and Web3 applications.
Injective Growth Since Inception
In its announcement, the protocol said it had witnessed significant growth since its inception. According to Injective, it has surpassed 92 million on-chain transactions, surpassing many of its competitors in the market.
Injective also revealed that it generated 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.”
The platform further stated that the just-concluded funding shows its “growing appeal” among institutional investors.