With support from major venture capital firms, the privacy-based blockchain Secret Network has secured $400M for the development of its ecosystem.
On January 19th, Secret Network announced the large funding rounding that came in from 25 different blockchain-focused VC firms such as DeFiance Capital, Alameda Research, CoinFund, Hashkey, etc. The funding was led by Secret Network’s core development team SCRT Labs.
According to the post, $225M will be allocated strictly to Secret Network's ecosystem to improve its application layer and blockchain infrastructure. The rest of the funds ($175M) will be used in an "accelerator pool" that will provide "non-dilutive capital, grants, and ecosystem incentives to rapidly expand user adoption."
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Founding Partner at DeFiance Capital Arthur Cheong has high hopes for the privacy-based network, stating:
"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."
The next step for Secret Network is to provide more web3-focused platforms with access to powerful data privacy and security measures, so the decentralized web becomes safe and accessible for everyone.
In fact, Secret Network has already made its mark in the digital asset industry with the release of Quentin Tarantino’s "Pulp Fiction" NFTs, made available from January the 10th.
