Privacy-Focused Blockchain Secret Network Announces $400M in Funding
The project includes a $225 million ecosystem fund and $175 million accelerator pool.
Jan 19, 2022 at 7:15 p.m. UTCUpdated May 11, 2023 at 5:55 p.m. UTC
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Secret door (Stefan Steinbauer/Unsplash)
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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.
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UPDATE (Jan. 19, 19:26 UTC): Adds SCRT price action.
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Brandy covered crypto-related venture capital deals for CoinDesk.