Secret Network Secures $400M in Funding as It Onboards New Partners
Independent base layer blockchain network Secret Network has realized $400 million in funding. According to the announcement, the funding comprises a $225 million ecosystem fund and a $175 million accelerator pool. Secret Network said the recent finding is part of its new growth initiative Shockwave, which focuses on making the blockchain network a significant part of Web3. In the announcement, Secret Network said Shockwave is focuses on “solidifying our network as a critical pillar and data privacy hub for Web3.
Secret Network revealed that the $225 million ecosystem fund came from 25 existing ecosystem investors and partners. SCRT Labs, the major development team backing Secret Network, led the ecosystem fund. Other partners include Defiance Capital, Skyvision Capital, Terraform Labs, Shima Capital, Bison Fund, Alameda Research, CoinFund, and Fenbushi Capital. A partner at Alameda Research, Brain Lee, acknowledged Secret Network for being a provider of data privacy for applications. The company wrote:
“Secret Network is the first mover and market leader in solving what is still a core need for Web3: data privacy for applications. We are excited to become supporters of the Secret ecosystem and look forward to helping accelerate its global growth across all verticals and aspects.”
Secret Network Reveals Plans for New Funding
Speaking on the use of the funds, the network said it would expand its application layer. This application layer includes decentralized finance (DeFi) and non-fungible tokens (NFTs). In addition, Secret Network, the ecosystem fund, is also aimed at tooling as well as network infrastructure.
On the other hand, Secret Network explained that the $175 million accelerator pool, which is funded in SCRT and is “designed to provide non-dilutive capital, grants, and ecosystem incentives to rapidly expand user adoption.”
Secret Network noted some “top-tier investment firms” also acquired SCRT positions. These firms, which include DeFiance Capital, also became critical stakeholders as they joined the ecosystem. Others are Alameda Research, JashKey, and CoinFund.
While announcing the new funding, Secret Network also mentioned its plans for Shockwave. The network said its plan for Shockwave in the first half of 2022 is to onboard thousands of new users. It added that part of the goal is for Shockwave to launch many new applications. Further, Secret Network stated its mission with Shockwave is to ensure Web3 applications have access to data privacy. Also, the mission entails customizable privacy controls required for global adoption. The network mentioned that achieving these goals required working with ambitious partners as it had just onboarded.
“We’ve already seen tremendous adoption across our primary four applications verticals – DeFi, NFTs, gaming/metaverse, and access control – with over $1.3B in historical trading volume on Secret DEXes like SecretSwap, thousands of active NFT collectors and creators for Secret Apps like Sienna Network, Altermail, and Shade Protocol,” Secret Network commented.