- Secret network recently announced through a blog post about acquisition of funds for expanding user adoption and app development.
- It acquired $400 million funds across its Ecosystem fund and accelerator pool.
- The allocators were already existing investors and the network has some new top investor firms too.
Secret Network, a privacy focused blockchain, has recently announced through a blog post about its $400 million funding related to Shockwave, its initiative to grow the network to make it a part of Web3.
The blockchain network also informed about the same through their Twitter account expressing that they are thrilled to announce the $400 million fund and mentioned their new investors.
Where the funds will be utilised?
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The $400 million fund comprises a $225 million ecosystem fund and $175 accelerator pool.
The ecosystem fund aims to expand Secret’s application layer with DeFi, NFTs and more. And the Accelerator pool fund is to provide non-dilutive capital, ecosystem incentive and grants to expand the user adoption.
The Secret ecosystem fund is meant to provide long-term strategic and financial support to the developers and founders building on their platform, to SCRT Labs and to the core team of the network.
Around 25 Organisations allocated for this funding. There were already some existing investors but Secret also has some new top investor firms acquire positions on the network. Some of these new investors include Alameda research, CoinFund, DeFiance Capital and HashKey. Earlier Alameda has invested in crypto related projects like DeFI Product provider Exotic markets and liquidity network Paradigm.
According to the Secret Team, the main goal of this ecosystem fund is to make sure that every individual, organisation and team that builds on the network are provided with a path to self-sustainability and to support them in bringing their products to market.
According to Arthur Cheong, founder partner of DeFiance Capital, they are excited to join the Secret Network that provides by default privacy that provides technologies like front-run resistant DEXes, Secret NFTs etc.
Plans of Secret Network for Year 2022 are to onboard thousands of new users of H1 and launch hundreds of new apps.
SCRT which is the native token of the network was down by 3% on the day but its performance saw a surge by the announcement.
CEO of SCRT Labs, Guy Zyskind said Secret network is now entering the most prominent growth till date, with a strong network of global community and supporters. And that they are working tirelessly for bringing data privacy to the blockchain since their Whitepaper release in 2015 at MIT.
Secret is a smart contract blockchain network with a by-default privacy feature, it grants its users the access to permissionless apps without exploiting their personal information. Its role can be said to be similar to Monero, but rather than just transfer of money it is for a broader Web3 ecosystem. While some people like the privacy feature, there are others who believe it makes crypto less trustworthy.
This massive funding to support its ecosystem for becoming a significant infrastructure and privacy hub for the emerging Web3 economy seems to be a good way for expansion. It is to look forward to whether the ecosystem emerges to be what it anticipates.
Source: https://www.thecoinrepublic.com/2022/01/21/blockchain-network-secret-disclosed-its-new-400m-funding/