Injective, a New York-based provider of a blockchain built for finance, raised $40M in funding.
The round was led by Jump Crypto, with participation from BH Digital, the crypto arm of famed hedge fund manager Alan Howard.
The company intends to use the funds to increase utility for the native INJ token, provide liquidity to existing dApps built on Injective, and support new dApps on Injective via investments.
Led by Eric Chen, co-founder and CEO, Injective is a decentralized smart contracts platform optimized for building decentralized finance applications such as exchanges, derivatives, prediction markets, and options. Finance dApps, such as Injective Pro and Frontrunner, leverage the company’s interoperable blockchain alongside its out-of-the-box cross-chain primitives, such as an on-chain order book and binary options module, to power a new ecosystem of connected DeFi applications.
Injective is built with Cosmos SDK and utilizes an Ignite (formerly Tendermint) proof-of-stake consensus mechanism. It is compatible with other Cosmos IBC-enabled chains, but is interoperable with multiple layer 1s, such as Ethereum. The protocol has already processed over 90 million transactions.