Decentralized smart contracts platform Injective raised $40 million in a funding round led by Jump Crypto, the company said on Wednesday.
BH Digital, the crypto and digital asset unit of investment firm Brevan Howard, also participated in the latest round.
Injective said it will use the funding to boost utility for the native INJ Token, liquidity for existing decentralized apps built on injective, along with supporting new decentralized apps on Injective.
“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,” Eric Chen, CEO of Injective Labs said in a statement.
Injective Protocol sets out to resolve scalability issues and bottlenecks that can mar the user experience on decentralized exchanges (DEXs). The company launched trading in tokenized stocks of major public companies in 2020.
“Injective offers these institutions an out-of-the-box solution that can be leveraged to build any finance app,” Kanav Kariya, Jump Crypto’s president said.
Read more: Decentralized Stock Trading Launching on DeFi Platform Injective Protocol
