Little-Known Altcoin Project That’s Up Over 70% Year-to-Date Launches $400,000,000 Ecosystem Fund

Data privacy-focused crypto project Secret Network (SCRT) is establishing a multimillion-dollar fund to support its growth.

In a new announcement, the smart contract-enabled altcoin says that it is setting up an ecosystem fund worth $225 million to help developers and teams build on its network.

“The primary goal of the ecosystem fund is to ensure that every individual, team, and organization building on Secret has a clear path to self-sustainability and support in bringing their products to market.

We want developers to build confidently in our ecosystem for years to come – not just proofs of concept or narrow pilot programs, but truly groundbreaking privacy-first Web3 applications across every vertical that can be adopted and championed by millions.”

The Secret Network also says that it is setting up an accelerator pool worth $175 million to offer non-equitable capital, grants, and ecosystem incentives to developers and builders on the network.

Recipients building decentralized applications (DApps) in nascent sectors of the crypto industry will receive funding in the form of SCRT, Secret Network’s native token.

“Funded in SCRT and primarily managed by SCRT Labs, the accelerator pool will be used to support critical growth initiatives across Secret DeFi [decentralized finance], NFTs [non-fungible tokens], gaming and metaverse, and other essential application verticals on Secret Network.”

The crypto project also says that it has partnered with investment firms such as Alameda Research, founded by FTX CEO and billionaire Sam Bankman-Fried, who has joined the ecosystem as crucial stakeholders.

Other key investors include DeFi-focused venture DeFiance Capital, crypto investment firm CoinFund, and digital assets financial services group HashKey.

SCRT is trading at $8.57 at time of writing, a staggering 70% gain since the beginning of the year.

Check Price Action

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix



Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Andy Chipus/LongQuattro/bluefish_ds


Tagged : / / / / / / /

Secret Network offers $400M in funding to bring others in on the secret

Secret Network is offering $400 million in funding to grow its privacy-oriented ecosystem and expand user adoption.

Secret Network is a decentralized ecosystem that utilizes trusted execution environments to enable private, secure computation over encrypted data. The ecosystem has four components: Secret Tokens, Secret Bridges, Secret Finance and Secret NFTs.

According to a Jan. 19 announcement, the privacy-oriented platform is offering a $225 million ecosystem fund and a $175 million accelerator fund with support from 25 existing investors and partners, including BlockTower Capital, Arrington Capital, Fenbushi Capital, Outlier, Spartan Group, and Figment.

The Founder of Secret Foundation Tor Bair told Cointelegraph the funding would further the network’s aim to “scale privacy-first, decentralized applications to global adoption by millions of users,” as he emphasized the importance of Web3 technology:

“Privacy technologies are essential to ensure that Web 3.0 will be empowering and open, rather than an extension of the failures of Web 2.0.”

The ecosystem fund will be used to expand the project’s application layer, network infrastructure, and tooling. The accelerator pool will provide non-dilutive capital, grants and incentives via its native token SCRT to quickly expand user adoption.

Secret Network also revealed that numerous top-tier investment firms recently acquired SCRT positions and joined the ecosystem as critical stakeholders, including Alameda Research, DeFiance Capital, CoinFund, and HashKey.

The ecosystem funding is a part of the Shockwave initiative, a vision for Secret Network’s global growth, which was announced on Jan. 12. Shockwave aims to cement the ecosystem’s standing as a privacy hub for Web 3.0.

Related: Miramax sues Tarantino over ‘money grab’ Pulp Fiction NFTs

Bair said that a global, privacy focused network was an essential part of building a better internet:

“Private-by-default networks and applications create choices for users and allow them to control and consent to how their data is used. The entire Secret community is dedicated to protecting users, providing security, and fighting against surveillance capitalism — a system that exploits instead of empowering.”

The funding news follows Secret Network’s freshly launched auctions for a collection of seven highly-anticipated NFTs issued by Quentin Tarantino on Jan. 17. The collection consists of seven chapters of Tarantino’s original, handwritten screenplay of Pulp Fiction, the first chapter of which has been sold and will be announced on Jan. 24.