Injective Protocol Successfully Raised $40 Million
Blockchain platform Injective Protocol says it has successfully raised $40 million from Jump Crypto, causing the INJ token price to skyrocket.
According to the announcement, the money raised will be used to increase the use of the project’s INJ token, support liquidity for existing decentralized applications on Injective Protocol, and develop new products.
Injective Labs CEO Eric Chen said:
“We are excited to collaborate with our partners, including Jump Crypto, which we expect will be a major boon for the broader Injective ecosystem. With Jump as a major force in the crypto ecosystem, the partnership will be focused on expanding Injective’s network and further providing shared liquidity across the Injective ecosystem.”
Injective Protocol is a blockchain solution focused on scalability for DeFi applications. The project’s INJ token was opened for sale on Binance Launchpad in October 2020.
The INJ token price is increasing strongly by more than 43% thanks to the above news as well as the resonance of the market’s recovery. Even so, the previous INJ in 2022 has plummeted, as well as being nearly 25 times lower than the peak of ATH.
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