DeFi protocol Injective Protocol has raised $40 million in a funding round to accelerate Web3 adoption and development.

Injective has received a brand new $40 million investment from some of the most renowned financial institutions to accelerate Web3 finance adoption and growth.

I look forward to working more closely with the titans @bounce_ and BH Digital.#WAGMI ninjas 🥷https://t.co/T6vR9Tvs58

— Injective 🥷 (@InjectiveLabs) 10 August 2022

The tour featured billionaire Alan Howard’s Brevan Howard Digital and Jump Crypto.

“We want to be in the best position in the bear market to create and support new developers and take advantage of these opportunities,” said project founder Eric Chen.

Injective Protocol will use the funds raised to develop the project ecosystem, the INJ token and Web3 technologies.

“Companies and financial institutions have started to actively participate in DeFi, and the next natural step will be the creation of personalized decentralized applications,” said Kanav Kariya, head of Jump Crypto.

The INJ token reacted to the news by rising to $2. At the time of writing, the asset has retreated to the $1.8 area.

In April 2021, Injective Protocol closed a $10 million funding round backed by billionaire Mark Cuban, Pantera Capital, BlockTower, Hashed Ventures, CMS Holdings and QCP Capital.

Recall that analysts from Messari and Dove Metrics estimated the amount of funding for blockchain startups at $30.3 billion in January-June 2022.

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