Binance Labs and CoinFund lead $10 million funding round for Neutron
In an effort to support the development and implementation of Neutron, a smart contracts platform based on Cosmos, Binance Labs and CoinFund have led a $10 million funding round for several venture firms. Neutron recently launched its mainnet in May and will utilize the funds to further advance its development and expansion within the ecosystem.
Binance Labs, the venture capital arm of popular cryptocurrency exchange Binance, teamed up with CoinFund, a web3-focused venture capital firm, to jointly lead the seed funding round for Neutron. According to details of the funding round reported by The Block, Delphi Ventures, LongHash, and Nomad also participated in the round.
Neutron is a cross-chain smart contract blockchain that utilizes CosmWasm, a computational function in the Cosmos ecosystem that enables cost-effective creation and deployment of dApps. Since its mainnet launch earlier this year, the platform has seen growing demand for layer-2 solutions and appchains. The funding received will be used to improve software development and promote further adoption of the platform.
One notable feature of Neutron is its Replicated-Security layer, which facilitates the building of consumer chains, making it the first of its kind within the Cosmos ecosystem.
The native token of the Neutron blockchain, Neutron Coin (NTRN), was traded at approximately $0.00088964.
Overall, the funding round led by Binance Labs and CoinFund signifies a growing interest and support for Neutron and its smart contracts infrastructure. With the additional funding, Neutron aims to enhance its technology and reach a wider audience in the rapidly evolving blockchain industry.