Finance Redefined: Secret’s $400M fund, and 1inch expanding, Jan. 14–21
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Secret Network, a privacy-oriented layer-one blockchain, announced the launch of a $400 million funding pot this week in a bid to expand their application and network infrastructure, and tooling mechanisms in addition to accelerating adoption for their native token, SCRT.
Comprising a $225 million ecosystem fund and a $175 million accelerator fund, the capital raise was supported by a number of existing partner organizations, including BlockTower Capital, Arrington Capital and Fenbushi Capital.
The $400 million fund is the first of an expected series of deployments within the Shockwave Initiative, a global growth strategy, announced by the company on Jan. 12. The initiative is focused on the expansion of its ecosystem, including fostering and incubating the roll-out of decentralized privacy applications on its platform, as well as expanding the utility and adoption of the SCRT token, to overall become a fully comprehensive privacy hub for Web3.
Secret Foundation founder Tor Bair told Cointelegraph that the capital will be used to “scale privacy-first, decentralized applications to global adoption by millions of users," as well as emphasizing the importance of Web3 technology, stating that “privacy technologies are
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