Privacy-Focused Blockchain Secret Network Announces $400M in Ecosystem Funding

Privacy-Focused Blockchain Secret Network Announces $400M in Ecosystem Funding

Privacy-Focused Blockchain Secret Network Announces $400M in Ecosystem Funding

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.

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