Privacy-Focused Blockchain Secret Network Announces $400M in Ecosystem Funding

Data privacy-focused blockchain Secret Network has announced a new $225 million ecosystem fund and a $175 million accelerator pool, building on the recently revealed growth initiative, called Shockwave.

The Secret Ecosystem Fund will provide long-term financial and strategic support to developers and founders building on the network, SCRT Labs, the core development team behind the network, said in a blog post on Wednesday.A long list of investment partners, including DeFiance Capital, Alameda Research, CoinFund and Arrington Capital, chipped in.“The primary goal of the ecosystem fund is to ensure that every individual, team and organization building on Secret has a clear path to self-sustainability and support in bringing their products to market,” the Secret Network team wrote.The Accelerator Pool is funded in SCRT, the network’s native token, and primarily managed by SCRT Labs. The pool will support growth initiatives across Secret decentralized finance (DeFi), non-fungible tokens (NFTs), gaming, metaverse and other essential application verticals.SCRT was down about 3% on the day but started perking up around the time of the announcement, per CoinGecko data.Secret Network also announced that a number of investment firms had recently acquired “substantial” SCRT token positions, including DeFiance, Alameda, CoinFund and HashKey.”DeFiance is excited to support Secret Network, the only privacy-by-default smart contract blockchain that enables groundbreaking technologies like front-run resistant DEXes, Secret NFTs and more,” Arthur Cheong, founding partner at DeFiance Capital, said in the post.Secret won a bit of buzz for its NFT protocol when a project from director Quentin Tarantino ran into legal trouble.

Read more: Quentin Tarantino to Release ‘Pulp Fiction’ NFTs, Flouting Miramax Lawsuit

UPDATE (Jan. 19, 19:26 UTC): Adds SCRT price action.

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