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On Wednesday, Secret Network announced the launch of a $400 million fund to scale the application layer and provide grants to ecosystem players that accelerate user adoption. The network’s native token, SCRT, has the third-largest market cap for privacy-focused crypto assets today, with a market cap of $1.4 billion.
SCRT Labs launches $400 million fund, SCRT rose more than 47% last week
As of this writing, there are over $11 billion The value of privacy-focused cryptoassets today, according to coingecko.com’s “Top Privacy Coins by Market Cap” list. Currency (XMR) and Zero Cash (ZEC) On January 19, 2022, it is in the top two places in terms of privacy coin valuation.cryptocurrency Secret (SCRT) It is the third largest with a valuation of $1.4 billion and ranks 87th among more than 12,000 cryptoassets today. Secret Network is a privacy coin with smart contract capabilities.
Secret (SCRT) is up 644% year-to-date, and over the past 30 days, SCRT has gained 112% against the U.S. dollar. Weekly statistics show that secrets have increased by 47.9% in the past 7 days. However, in the $2 trillion crypto economy on Wednesday, secrets (SCRT) only accounted for 0.07% of the entire valuation. In the past 24 hours, SCRT traded at $84.6 million and its 24-hour price ranged between $8.54 and $9.82 per unit. According to coingecko metrics, Osmosis is currently the most active SCRT exchange at press time.
This secret network The launch of a $400 million fund was announced Wednesday to support the project and incentivize development.Secret Network Also Selected Quentin Tarantino When he released his seven pulp fiction non-fungible token (NFT) assets. SCRT Labs, the development team behind the secret network, further revealed that some prominent investment firms have secured positions at SCRT. Companies mentioned by SCRT Labs include Alameda Study, hash key capital, joint fund, and rebel capital.
“We are delighted to be supporters of the Secret ecosystem and look forward to helping accelerate its global growth across all verticals and dimensions,” Brian Lee, partner at Alameda Research, said in a statement. “Secret Network is a pioneer and market leader in addressing a core Web3 need: data privacy for applications.”
Funds will include a $225 million ecosystem fund and a $175 million accelerator pool
SCRT Labs detailed that the funding will be divided into two tranches. First, a $225 million ecosystem fund “comprises contributions from more than 25 existing ecosystem investors and partners to expand Secret Network’s application layer (including Defi and NFTs), network infrastructure and tools.” Additionally, the team said the Ecosystem Fund “has a commitment from 25 partner organizations.”
The $175 million will then go to “a SCRT-funded accelerator pool designed to provide non-dilutive capital, grants, and ecosystem incentives to rapidly scale user adoption.”
“Since we published our first white paper at MIT in 2015, we have worked tirelessly to bring data privacy to all blockchains,” Guy Ziskind, said the founder and CEO of SCRT Labs. The CEO added:
We are now inviting developers around the world to join our mission and build the next generation of secret apps to protect and empower millions of global users.
What do you think of the $400 million fund launched by SCRT Labs? Let us know what you think about this topic in the comments section below.
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