Secret Network Offers $400M to Build Privacy Ecosystem

Secret Network Offers $400M to Build Privacy Ecosystem


Key Takeaways

Secret Network is offering $400 million to members of its ecosystem through two separate funds.
Various blockchain firms have obtained SCRT as stakeholders, including DeFiance Capital and Alameda Research.
Secret Network is best known for hosting Quentin Tarantino’s Pulp Fiction NFT project and a number of other projects.

Share this article

Secret Network has announced that it is offering $400 million to projects in its privacy-oriented blockchain ecosystem.

Two Separate Funds Are Available

Secret’s $400 million fund is made up of two parts. The first is a $225 million ecosystem fund that has gained contributions from several of Secret’s partners and venture capital firms. This fund is meant to aid developers already building on Secret by offering long-term strategic and financial support.

The second fund is a $175 million accelerator pool, which has been filled with the project’s SCRT token. This fund will provide grants, capital, and incentives to “rapidly expand user adoption.”

okex

Both funds are part of Secret’s Shockwave development phase, which aims to promote adoption by attracting new projects and users and by offering new features to the community.

Secret also says that several firms have obtained SCRT tokens as stakeholders, including Alameda Research, a venture capital firm best known for backing the major cryptocurrency exchange FTX .

Other participants include DeFiance Capital, CoinFund, HashKey, Kucoin Labs, and Huobi Ventures, among others.

Secret Network Is a Data Privacy Blockchain

Secret Network is a blockchain that aims to provide data privacy for smart contracts and applications. While other chains such as Ethereum and Solana support such programs as well, Secret claims to be the “first blockchain with data privacy by default.”

The platform has recently become notable for hosting Quentin Tarantino’s Pulp Fiction NFT auction. Other projects on the platform include the messaging app Alter, the NFT project PrivatePandas, and the Shade Protocol (the basis of the stablecoin Silk).

Secret Network’s SCRT token is currently the 80th largest cryptocurrency on the market, with a capitalization of $1.3 billion. The coin’s price is up 37% over the past seven days.

Disclosure: At the time of writing, the author of this piece owned BTC, ETH, and other cryptocurrencies. 

Share this article

The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.

You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.

See full terms and conditions.

Secret Network Rallies Amid Pulp Fiction NFT Drama

The Tarantino-Miramax lawsuit has helped bring attention to Secret Network. SCRT is up 32% today. Secret Network Posts Gains on Upcoming Tarantino NFTs Secret Network is gaining traction in the…

Web3 – What it is, What it Means, and How We’ll Transition

We are at the dawn of a new era of the internet. Bit by bit, this new digital world, and all that it enables, will slowly become a part of…

Blockchain Intelligence Firm TRM Labs Raises $60M in Series B Funding …

TRM Labs, a blockchain intelligence firm helping financial institutions and law enforcement trace crypto transactions, announced Tuesday it has raised $60 million in a Series B funding round led by…

The Sandbox Leads Metaverse Rally After $93M Funding Round

NFT Metaverse platform The Sandbox has continued to rally following the announcement of a $93 million Series B funding round led by SoftBank’s Vision Fund 2.  The Sandbox Hits All-Time…



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

Pin It on Pinterest