The Secret Network, a decentralized ecosystem, has raised $400 million in a funding round with some big names like HashKey, DeFinance Capital and CoinFund. The platform is set to offer a $225 million ecosystem fund and a $175 million accelerator fund. The network will achieve this with support from 25 existing investors and partners, including Spartan Group. BlockTower Capital and Arrington Capital etc.
Tor Bair, the Founder of Secret Foundation, said they would use the funding to scale privacy-first, decentralized applications for global adoption by millions of users. Emphasizing the importance of Web3 technology, Bair said privacy technologies are essential. It ensures that Web3.0 will be empowering and open.
He highlighted that the fund will help expand the project’s application layer, network infrastructure and tooling. The accelerator pool will deliver non-dilutive capital, grants and incentives. This will be possible through its native token SCRT. It will quickly expand user adoption.
The network revealed that a number of top-tier investment firms – DeFinance Capital, Alameda Research, HashKey and CoinFund – have acquired SCRT positions, joining the ecosystem as critical stakeholders. Bair said the ecosystem funding is a component of the Shockwave initiative. It envisions the Secret Network’s global growth. Shockwave will cement the ecosystem’s standing as a privacy hub for Web3.0.
The founder believes the global, privacy-focused network is an essential part of building a better internet. Bair stated that the privacy-by-default networks and applications bring about choices for users. As such, it allows them to control and sanction how their data is used. The Secret community is committed to protecting its users, fighting surveillance capitalism and providing security.
The Secret Network wants to empower its users.
