The Secret Network (SCRT), a crypto venture focused on data privacy, has created a multi-million dollar fund to support its growth.
In a new announcement, the smart contract-enabled altcoin said it will establish a $225 million ecosystem fund to help developers and teams build on the network.
“The main objective of the Ecosystem Fund is to ensure that all individuals, teams, and organizations built on the Secret have a clear path to independence and support in bringing products to market…
Over the next few years, developers will be confident that they will have a truly groundbreaking Web3 privacy app in all areas that can be adopted and approved by millions of people, not just proof-of-concept and limited demos. I would like to have it and adopt it into the ecosystem. “
The secret network also states that it has created a $175 million accelerator pool to provide unfair capital, grants, and incentives to the ecosystem of developers and builders on the network.
Recipients building decentralized applications (DApps) in the early sectors of the crypto industry receive funding in the form of SCRT, the original token of the secret network.
“The Accelerator Pool, which is funded by SCRT and operated primarily by SCRT Laboratories, will be used to support major growth initiatives via SecretDeFi. [decentralized finance], NFT [non-fungible tokens]Games, Metaverse, and other important application areas on secret networks. “
The crypto project also states that it has partnered with investment firms such as FTX CEO and Alameda Research, founded by billionaire Sambankman Fried, to participate in the ecosystem as a key stakeholder.
Other major investors include DeFi-focused DeFiance Capital, crypto investment firm CoinFund, and digital asset financial services group HashKey.
SCRT was trading at $8.57 at the time of writing, a staggering 70% increase since the beginning of the year.
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