The decentralized derivatives exchange Injective Protocol announced today that it has completed a $ 10 million round of funding, making the network worth more than $ 1 billion.
Injective makes immediate transaction final and allows users to trade at no cost. Led by a team of Stanford and Harvard graduates, Injective streamlines fully decentralized trading with a fast and secure layer-2 exchange that allows individuals to trade any market, including stocks, crypto, forex, crypto, NFTs, and even synthetic assets.
A group of prominent new and existing investors who entered the round include Pantera Capital, BlockTower, Hashed, Cadenza Ventures (formerly BitMex Ventures), CMS and QCP Capital. In addition, it was also reported that billionaire NBA team owner and Shark Tank judge Mark Cuban had made a strategic investment in Injective.
“Legacy institutions and practices create a number of artificial delays and middlemen that hinder innovation in the financial markets ecosystem. At Injective, our goal is to enable an unparalleled decentralized trading experience, giving retailers worldwide access to unlimited markets for the first time without the typical predatory fees and slow transaction times. “
– Eric Chen, CEO of Injective Protocol
Previous Injective Protocol investors include Binance, one of the largest cryptocurrency exchanges, which has also incubated the project. Previously, a few Injective team members were put in the international spotlight for joining an anonymous person known only as Burnt Banksy who created a non-replaceable token (NFT) from an original Banksy piece as covered by CBS News , BBC News, The Guardian and others.