The privacy blockchain built on Cosmos SDK Secret Network, raised $400 million in funding from investors as we are reading more in our latest Cosmos news today.
Secret Network revealed details pertaining to its Shockwave growth initaitive and the network accumulated $400 million in funding across its ecosystem and accelerator pool. Secret announced its newly acquired funding in the blog post and over 25 organizations provided more funding to support the goal to become a critical infrastructure and privacy hub for the emerging Web 3 economy and about $225 million were acquired for the ecosystem fund aimed at expanding the application layer with the NFTs and DEFI and more. In addition, another $175 million was allocated to the accelerator pool meant to provide grants, provide non-dilutive capital, and ecosystem incentives to rapidly expand user adoption.
Whereas these funds came from existing investors, Secret had a few investment firms acquire the positions in the network including Alameda Research, DeFiance Capital, CoinFund, and HashKey. Alameda invested in multiple other projects including liquidity network Paradigm and DeFi product provider Exotic Markets. The CEO of SCRT Labs Guy Zyskind noted:
“With a strong network of supporters and a passionate global community, Secret Network is now entering its most aggressive growth phase to date. Since our first whitepapers at MIT in 2015, we have worked tirelessly to bring data privacy to all blockchains.”
Secret has more plans for 2022 like onboarding hundreds of thousands of new users in H1 while launching new apps. As suggested in the name, Secret is a private-by-default blockchain intended to grant the users more access to permissionless apps without having to reveal personal ID. The role is similar to Monero but for the broader web3 ecosystem rather than simply money transfer. The traditional blockchains left a number of on-chain footprints for tracking the users’ funds and linking an address back to a specific person.
While others believe privacy ought to go together with the ethos of decentralization and others think that it could make crypto less trustworthy. The difficulties around traceability are a part of what makes stablecoins a top-regulatory priority in the US right now.
As recently reported, The protocol generated the first block of the blockchain network. The privacy-focused Nym Technologies developed the first block for its Nym mainnet started onboarding validators before the mainnet launch. The Cosmos privacy startup noted that it has welcomed some of the top companies in the network validators including the telecommunications giant Dokia Capital, Swisscom, Nodes.Guru, Chorus One, and others from the community such as Commodum.
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