Data privacy-focused blockchain Secret Network has announced a new $225 million ecosystem fund and a $175 million accelerator pool, building on the recently revealed growth initiative, called Shockwave.
- The Secret Ecosystem Fund will provide long-term financial and strategic support to developers and founders building on the network, SCRT Labs, the core development team behind the network, said in a blog post on Wednesday.
- A long list of investment partners, including DeFiance Capital, Alameda Research, CoinFund and Arrington Capital, chipped in.
- “The primary goal of the ecosystem fund is to ensure that every individual, team and organization building on Secret has a clear path to self-sustainability and support in bringing their products to market,” the Secret Network team wrote.
- The Accelerator Pool is funded in SCRT, the network’s native token, and primarily managed by SCRT Labs. The pool will support growth initiatives across Secret decentralized finance (DeFi), non-fungible tokens (NFTs), gaming, metaverse and other essential application verticals.
- SCRT was down about 3% on the day but started perking up around the time of the announcement, per CoinGecko veri.
- Secret Network also announced that a number of investment firms had recently acquired “substantial” SCRT token positions, including DeFiance, Alameda, CoinFund and HashKey.
- “DeFiance is excited to support Secret Network, the only privacy-by-default smart contract blockchain that enables groundbreaking technologies like front-run resistant DEXes, Secret NFTs and more,” Arthur Cheong, founding partner at DeFiance Capital, said in the post.
- Secret won a bit of buzz for its NFT protocol when a project from director Quentin Tarantino ran into kanunî trouble.
Read more: Quentin Tarantino to Release ‘Pulp Fiction’ NFTs, Flouting Miramax Lawsuit
UPDATE (Jan. 19, 19:26 UTC): Adds SCRT price action.