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.