Injective is a platform for decentralized smart contracts. They have raised around $40 million in a round for funding, which was led by Jump Crypto. The company revealed this on Wednesday.
Bevan Howard is an investment firm that has a cryptocurrency as well as digital assets unit. This unit is known as BH Digital. This unit had also participated in the funding round.
Funds Raised For DEX Protocol Injective
According to Injective, they will be making use of the funding in order to provide a boost to utility for the native token, INJ. The funding will also be used for liquidity as well for decentralized apps in existence, that are built using Injective. New apps will also be supported on the platform with the help of these funds.
The focus of this partnership is to expand the network that Injective has, and to provide shared liquidity across its ecosystem. Injective is trying to deal with their issues around scalability, as well as bottlenecks that have the potential to affect user experience on DEXs.
The company had started to trade in stocks that were tokenized, belonging to major companies, in the year 2020. With the help of Injective, these institutions can find innovative solutions that they can leverage to build any kind of financial app. This was revealed by the President of Jump Crypto, Kanav Kariya, in a statement that he made. The funds that were raised will be used to boost utility of the INJ tokens.