Michael Bellusci is CoinDesk's crypto payments reporter.

Decentralized smart contracts platform Injective raised $40 million in a funding round that was led by Jump Crypto, the company said on Wednesday.

BH Digital, the crypto and digital asset unit of investment firm Brevan Howard, also participated in the round.

Injective said it will use the funding to boost utility for its native INJ Token, for liquidity for existing decentralized apps built on Injective and to support new dapps on the platform.

“With Jump as a major force in the crypto ecosystem, the partnership will be focused on expanding Injective’s network and further providing shared liquidity across the Injective ecosystem,” Eric Chen, CEO of Injective Labs, said in a statement.

Injective sets out to resolve scalability issues and bottlenecks that can mar the user experience on decentralized exchanges (DEXs). The company started trading in tokenized stocks of major public companies in 2020.

“Injective offers these institutions an out-of-the-box solution that can be leveraged to build any finance app,” Jump Crypto President Kanav Kariya said in the statement.

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Michael Bellusci is CoinDesk's crypto payments reporter.

CoinDesk - Unknown

Michael Bellusci is CoinDesk's crypto payments reporter.

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