Decentralized Finance Project Injective Protocol Attracts $40M

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DeFi protocol Injective Protocol has recently raised $40 million in a funding round to accelerate the adoption and development of Web3.

According to the press release, participants in the funding round include billionaire Alan Howard’s Brevan Howard Digital and Jump Crypto.

The project founder Eric Chen has said:

“We want to be in the best position during a bear market to create and support new developers and take advantage of these opportunities.”

The company has reported that it will use the raised funds to develop the project ecosystem, the INJ token and Web3 technologies.

Kanav Kariya, president of Jump Crypto, has commented:

“Companies and financial institutions have already begun to actively participate in DeFi, and the natural next step will be the creation of personalized decentralized applications.”