Injective Rakes in $40M to Build Out DApp Support

As the crypto market grows, dApps are predicted to be the future of technology. Compared to daily applications on our smartphones today, dApps are backed by the blockchain and by default are more secure against cyberattacks. By 2025, experts forecast the dApp market will be worth $21 billion. New York-based Injective Labs is a growing startup in the space that just raked in capital.

On Wednesday, Injective announced it raised $40 million in a funding round led by Jump Crypto. The company plans to use its new capital to fund its INJ token, provide liquidity to existing dApps built on Injective and support new dApps in the future.

Injective operates as a decentralized smart contracts platform that allows others to build finance-focused dApps, such as exchanges and prediction markets. Injective’s layer 1 blockchain offers dApps cybersecurity protection and helps them process payments and manage volume.

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“We are excited to collaborate with our partners, including Jump Crypto, which we expect will be a major boon for the broader Injective ecosystem,” Injective co-founder and CEO Eric Chen said in a statement. “With Jump as a major force in the crypto ecosystem, the partnership will be focused on expanding Injective’s network and further providing shared liquidity across the Injective ecosystem.”

Founded in 2018, Injective has processed over 90 million transactions supporting dApps that have generated over $7 billion in total volume, according to a company statement. 

“Businesses and financial institutions have already begun to participate in Defi in a big way and the natural next step will be building personalized decentralized applications,” Kanav Kariya, president of Jump Crypto, said in a statement. “Injective offers these institutions an out-of-the-box solution that can be leveraged to build any finance app. We look forward to building together with the Injective community and are optimistic about the ecosystem’s future growth.”

Alongside its recent raise, Injective is hiring for nearly 10 roles, a majority of which are in engineering.