Pantera Capital Leads $2.6M Seed Round for DEX Protocol Injective
The protocol, incubated by Binance Labs, sets out to solve some of the issues facing users of decentralized exchanges.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/BKDCRQ2BGNBMVCX2YRCBHZO4PA.jpg)
(Monika Gruszewicz/Shutterstock)
/arc-photo-coindesk/arc2-prod/public/LXF2COBSKBCNHNRE3WTK2BZ7GE.png)
Injective Protocol, a decentralized derivatives exchange protocol incubated by Binance Labs, has raised $2.6 million in a seed funding round.
- Led by Pantera Capital, the round also saw Asia-based QCP Soteria, Axia8 Ventures and Boxone Ventures, Bitlink Capital and others participate, Injective announced Wednesday.
- Injective Protocol sets out to resolve scalability issues and bottlenecks that can mar the user experience on decentralized exchanges (DEXs).
- The project was one of eight inducted into the Binance Labs Incubation Program in 2018, with the mission to resolve some of the shortcomings DEXs face, such as high latency and poor liquidity.
- Aside from the seed investment, the group of investors will also provide liquidity solutions for Injective and support its business developments and global brand recognition, according to the press release.
- Pantera Capital partner Paul Veradittakit said the investment firm led the round because of its belief that Injective is a "strong contender" for expanding decentralized finance (DeFi) beyond Ethereum's platform.
- The funding comes as the protocol prepares for a mainnet launch and a new token to be issued in the latter half of 2020.
Disclosure
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.
Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.