Privacy-Focused Blockchain Secret Network Announces $400M in Funding
The project includes a $225 million ecosystem fund and $175 million accelerator pool.
Data privacy-focused blockchain Secret Network has announced a new $225 million ecosystem fund and a $175 million accelerator pool, building on the recently revealed initiative called Shockwave that's aimed at making the network a key part of Web 3.
- The Secret ecosystem fund will provide long-term financial and strategic support to developers and founders building on the network, SCRT Labs, the core development team behind the network, said in a blog post on Wednesday.
- A long list of investment partners, including Alameda Research, Arrington Capital, CoinFund and DeFiance Capital, chipped in.
- “The primary goal of the ecosystem fund is to ensure that every individual, team and organization building on Secret has a clear path to self-sustainability and support in bringing their products to market,” the Secret Network team wrote.
- The accelerator pool is funded in SCRT, the network’s native token, and is primarily managed by SCRT Labs. The pool will support decentralized finance (DeFi), non-fungible tokens (NFTs), gaming, metaverse and other kinds of applications on the network.
- SCRT was down about 3% on the day but started perking up around the time of the announcement, according to CoinGecko data.
- Secret Network also announced that a number of investment firms had recently acquired “substantial” SCRT token positions, including Alameda, CoinFund, DeFiance and HashKey.
- "DeFiance is excited to support Secret Network, the only privacy-by-default smart contract blockchain that enables groundbreaking technologies like front-run resistant DEXes, Secret NFTs and more,” Arthur Cheong, founding partner at DeFiance Capital, said in the post.
- Secret won a bit of buzz for its NFT protocol when a project from director Quentin Tarantino ran into legal trouble.
UPDATE (Jan. 19, 19:26 UTC): Adds SCRT price action.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2023, 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.