SCRT Labs Launches $400 Million Fund to Bolster Privacy Network"s Ecosystem and Application Layer
On Wednesday, the Secret Network announced the launch of a $400 million fund in order to expand the application layer and provide grants to ecosystem participants that accelerate user adoption. The market capitalization for the network’s native token SCRT is the third-largest privacy-centric crypto asset market today with a $1.4 billion market cap. SCRT Labs Launches $400 Million Fund, SCRT Jumps Over 47% During the Last Week
At the time of writing, there is over $11 billion worth of privacy-centric crypto assets today, according to coingecko.com’s “top privacy coins by market capitalization” list. Monero (XMR) and zcash (ZEC) command the top two positions, in terms of privacy coin valuations, on January 19, 2022. The cryptocurrency secret (SCRT) is the third-largest with a $1.4 billion valuation, which represents the 87th position out of more than 12,000 crypto assets today. Secret Network is a privacy coin that features smart contract capabilities as well. Secret (SCRT) vs. USD on January 19, 2022, via Binance.
Secret (SCRT) is up 644% year-to-date, and over the last 30 days, SCRT jumped 112% against the U.S. dollar. Weekly statistics indicate that secret has increased by 47.9% over the last seven days. However, out of the $2 trillion crypto-economy on Wednesday, secret (SCRT) is only 0.07% of the entire valuation. During the last 24 hours, there’s been $84.6 million in SCRT trade volume, and its 24-hour price range has been between $8.54 to $9.82 per unit. At press time, Osmosis is currently the most active SCRT exchange, according to coingecko metrics.
The Secret Network on Wednesday announced the launch of a $400 million fund in order to bolster the project and incentivize development. The Secret Network was also chosen by Quentin Tarantino when he issued his collection of seven Pulp Fiction non-fungible token (NFT) assets. The development team behind the Secret Network, SCRT Labs, further revealed that a few notable investment firms have obtained positions in SCRT. The firms SCRT Labs mentioned include Alameda Research, Hashkey Capital, Coinfund, and Defiance Capital.
“We are excited to become supporters of the Secret ecosystem and look forward to helping accelerate its global growth across all verticals and aspects,” Brian Lee, a partner at Alameda Research said in a statment. “Secret Network is the first mover and market leader in solving what is still a core need for Web3: data privacy for applications.” Fund Will Consist of $225 Million Ecosystem Fund and a $175 Million Accelerator Pool
SCRT Labs details that the funding will be broken down into two parts. First, a $225 million ecosystem fund “comprised of contributions from over 25 existing ecosystem investors and partners, targeted at expanding Secret Network’s application layer (including defi and NFTs), network infrastructure, and tooling.” Additionally, the team says the ecosystem fund “features commitments from 25 partner organizations.”
Then $175 million will be dedicated to an “accelerator pool funded in SCRT that is designed to provide non-dilutive capital, grants, and ecosystem incentives to rapidly expand user adoption.”
“Since our first whitepapers at MIT in 2015, we have worked tirelessly to bring data privacy to all blockchains,” Guy Zyskind, founder and CEO of SCRT Labs said. The CEO added: We now invite developers around the world to join us in our mission and to build the next generation of Secret Apps that will protect and empower millions of global users. Tags in this story 400 million, Accelerator Pool, Alameda Research, Brian Lee, Coinfund, DeFi, Defiance Capital, ecosystem fund, Guy Zyskind, Hashkey Capital, Monero (XMR), NFTs, privacy coin, privacy coins, quentin tarantino, Quentin Tarantino NFTs, SCRT Labs, SCRT Labs CEO, secret (SCRT), Secret Apps, Secret Network, Web3, Web3 data privacy, zcash (ZEC)
What do you think about the $400 million fund initiated by SCRT Labs? Let us know what you think about this subject in the comments section below. Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Crypto Mixing Tools Tornado.cash and Cashfusion Obscure More Than $8 Billion in Transactions PRIVACY | Dec 25, 2021 Privacy-Centric Crypto Mixing Protocol Tornado.cash Plans to Deploy on L2 Platform Arbitrum PRIVACY | Nov 29, 2021
Image Credits: Shutterstock, Pixabay, Wiki Commons, Tradingview, Previous articleDvision Network Deploys on Polygon Mainnet as Widespread Interest in Metaverse Continues Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItNear Foundation Raises $150 Million to Bolster Web3 Adoption
On Thursday, the Near Foundation announced the project has raised $150 million from strategic investors such as Three-Arrows Capital, a16z, Mechanism Capital, Dragonfly Capital, and Circle Ventures. Following the announcement, the Near protocol’s native crypto asset jumped more than 7% ... read more.NYCB and Group of Banks Join to Launch USDF Stablecoin Swiss National Bank Trials CBDC in Transactions With Five Banks Tesla Begins Accepting Dogecoin Payments — Some Merchandise Can Only Be Purchased With DOGE British Lawmakers Say a CBDC Is Likely to Hurt Financial Stability — Digital Pound Benefits Overstated