Decentralized Derivatives Exchange Injective Protocol Raises $2.6M In Fresh Funding for Upcoming Mainnet
Injective Protocol, a front-running resistant layer-2 decentralized exchange protocol has raised $2.6 million in seed funding round led by Pantera Capital and many other prominent firms such as QCP's investment arm QCP Soteria, Axia8 Ventures, and OK's strategic investment partner K42.
The Injective Protocol was also a part of the Binance incubation program of 2018. The protocol itself aims to solve the scalability and liquidity issues faced by exchanges. Solving these issues would not only offer working capital but also liquidity solutions for decentralized exchanges.
Commenting on their new partners, and what led to lead the funding round, was Paul Veradittakit, Partner at Pantera Capital stating:
“Injective Protocol scalably brings advanced derivatives capabilities to Defi while being uncompromisingly decentralized.
We see Injective as a strong contender to expand Defi beyond just Ethereum power users and to serve as an integral layer ushering the new dawn of decentralized derivatives.”
Injective protocol promises to boost the decentralized exchange market by improving liquidity and also promise to help in building different products to cater to the needs of the consumers.