Binance Labs co-leads $10M round for Cosmos network Neutron
- Binance Labs and CoinFund led several venture firms in raising a $10 million round for Neutron.
- Neutron is a Cosmos-based smart contracts platform that launched its mainnet in May.
- The platform will use the funds to further its development and adoption across the ecosystem.
Crypto exchange Binance’s venture capital arm Binance Labs and Web3-focused venture firm CoinFund co-led a $10 million funding round for Cosmos-based smart contracts infrastructure Neutron.
The seed funding round also attracted the participation of Delphi Ventures, LongHash and Nomad, according to details of the funding round reported by The Block.
Neutron is a cross-chain smart contract blockchain that uses CosmWasm, a computational feature in the Cosmos ecosystem that allows for cost-effective creation and deployment of dApps. The platform, whose mainnet launch was in May this year, will use the funding to enhance its software development and promote further adoption as demand for layer-2 solutions and appchains grows.
With its Replicated Security layer, Neutron makes it easy for developers to build consumer chains, the first in the Cosmos ecosystem.
Neutron Coin (NTRN), the blockchain’s native token, traded at around $0.00088964.
Share this article
Categories
Tags
More Stories
Canadian regulatory body clarifies stablecoin rules for exchanges and issuers
The Canadian Securities Administrators (CSA) has provided guidance to exchanges and cryptocurrency issuers on its interim approach to what it...
EMAX investors given third and final chance at celeb promo suit
The plaintiffs of the EthereumMax (EMAX) investor class action lawsuit have been given a final chance to amend their claims...
SBF was ‘very resistant’ to investors on FTX board: Paradigm co-founder
Sam Bankman-Fried was “very resistant” to having investors join the board of directors at FTX, claims Matthew Huang, the co-founder...
Elon Musk hits at SEC, DOJ amid suit to force testimony in Twitter probe
Elon Musk has called for a “comprehensive overhaul” of the United States Securities and Exchange Commission hours after the regulator...
FTX deposits went to account controlled by Alameda for months, Yedidia testifies
Adam Yedidia, Sam Bankman-Fried’s college roommate and an early employee of FTX, continued his testimony on Oct. 5, the second...
‘We allowed Alameda to withdraw unlimited funds’ — Gary Wang at SBF trial
Gary Wang, the co-founder and former chief technology officer of cryptocurrency exchange FTX, was the latest witness to testify in...