Injective Protocol, the US-based developer of a decentralised exchange protocol, has secured $10m of new funding from investors including digital asset trading firm QCP Capital, The Block has reported.
The capital was raised through a private placement token sale also backed by Pantera Capital, BlockTower, Hashed Ventures, CMS Holdings and private investor Mark Cuban.
Founded in 2018, Injective Protocol has developed a decentralised exchange protocol that enables investors to trade digital assets including cryptocurrencies, non-fungible tokens and stocks across different blockchains.
The funding will support the development of the company’s technology platform and enable it to double the size of its team by 2022. It had joined the incubator formed by cryptocurrency exchange Binance’s venture capital arm, Binance Labs, in 2018.
Pantera Capital led a $2.6m seed funding round for Injective Protocol in July 2019 that also featured QCP’s investment arm QCP Soteria, as well as digital asset trading firm Bitlink Capital, Axia8 Ventures, Boxone Ventures, BitScale Capital, Krypital Group, K42, The Cabin Capital and Innovating Capital.
The company subsequently raised $3.6m through a token sale on Binance’s token launch platform in October 2020.