Secret Network to Commit $400M to Develop its Ecosystem
The startup behind Secret Network, CRT Labs, has committed $400 million to support a blockchain ecosystem with privacy features.
Secret Network supports smart contracts with encrypted inputs, outputs and state channels.
The move is part of the Shockwave initiative to turn Secret Network into a data privacy hub for Web 3.0.
Support in the development of the ecosystem will be provided by Defiance Capital, Alameda Research, CoinFund and HashKey. The venture firms have become shareholders of the startup and have assumed obligations to develop the project.
The $400 million in the fund will be distributed as follows:
- $225 million will be used to expand Secret Network’s application layer (including DeFi and NFT), network infrastructure and tools.
- Another $175 million will be used to fund the accelerator. It aims to provide capital, grants and incentives to make the network more attractive to users.
The network’s trading volume has reached $1.3 billion. The figure includes DEX such as SecretSwap, NFT platforms such as Stashh and funding rounds for dApps from Sienna Network, Altermail, Shade Protocol and others. Secret Network functionality has also shown interest from projects in the fields of GameFi, metaverses and access control.
