Highlights –

  • With the additional funds, Injective can boost the value of its native INJ token, give existing dApps created on its platform access to liquidity, and financially encourage the development of new dApps.
  • Injective became the first ever automated smart contract capable blockchain.

A new USD 40 million fundraising round, sponsored by Jump Crypto, was announced by Injective; a blockchain designed for the financial industry. Famous hedge fund manager Alan Howard’s cryptocurrency subsidiary, BH Digital, also participated in the round.

Injective is the first one to offer a fully decentralized platform optimized to build decentralized financial applications, including exchanges, derivatives, prediction markets, and options. Injective’s interoperable blockchain and its cross-chain primitives, like an on-chain order book and a binary option module, are used by finance dApps like Injective Pro and Frontrunner to enable a new network of interconnected DeFi applications.

With the additional funds, Injective will be able to boost the value of its native INJ token, offer liquidity to existing dApps created on its platform, and encourage the development of new dApps through investments. Jump has already entered into comprehensive agreements with well-known blockchains like Oasis and Solana.

Injective uses the Ignite (formerly Tendermint) proof-of-stake consensus mechanism and is created with the Cosmos SDK. Although it works with other Cosmos IBC-enabled chains, it is specifically compatible with a variety of layer 1s, including Ethereum. Despite being online for only a few months, Injective has already processed over 90 million transactions, exceeding well-known blockchains like Solana. Over seven billion dollars in volume was generated by dApps built on Injective, making it one of the fastest-growing ecosystems in the market right now.

Eric Chen, Co-founder and CEO of Injective Labs said, “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 providing shared liquidity across the Injective ecosystem.”

With the help of a significant mainnet upgrade last month, Injective could introduce a multichain CosmWasm smart contract layer that can be executed automatically at every block. With this Injective became the first ever automated smart contract capable blockchain. This has made it possible for many well-known dApps from other blockchains to migrate over to Injective. For example, Aperture has started the procedure to develop its automated yield strategy dApp on Injective. This company was one of the most widely used dApps on Terra in the past, which quickly surpassed USD 100M in TVL.

Kanav Kariya, President of Jump Crypto, said, “Businesses and financial institutions have already begun to participate in DeFi in a big way, and the natural next step will be building personalized decentralized applications. Injective offers these institutions an out-of-the-box solution that can be leveraged to build any finance app. We look forward to building together with the Injective community and are optimistic about the ecosystem’s future growth.”

The partnership with Jump strengthens Injective’s relationships with important institutions redefining traditional finance. In the past, Cumberland and other well-known financial organizations have made investments in Injective.