Binance Labs and CoinFund Fuel Cosmos Blockchain with $10 Million Investment
- Binance Labs and CoinFund lead $10M funding round for Neutron, a cross-chain smart contract platform focused on interchain security within the Cosmos ecosystem.
- Funding led by Binance Labs, investment arm of Binance, with participation from CoinFund, Delphi Ventures, LongHash, and Nomad.
- Neutron is a cross-chain smart contract platform that uses the Cosmos ecosystem’s interchain security feature, Replicated Security (RS), and is interoperable across the 51 blockchains that form part of the Cosmos network.
Binance Labs and CoinFund have recently co-led a $10 million funding round for Neutron, a cross-chain smart contract platform that focuses on interchain security in the Cosmos ecosystem.
According to a blog post from Binance, the investment arm of Binance, the funding round was led by Binance Labs. Cryptonative investment firm CoinFund also co-led the funding, with Delphi Ventures, LongHash, and Nomad also participating in the round.
The funding will help Neutron develop its blockchain software and ecosystem, which will attract a wider community of developers and projects to create innovative, secure, and user-friendly decentralized applications (DApps). This will promote growth for the Cosmos ecosystem, and provide essential infrastructure that can be used by a wide group of developers on the Cosmos Hub.
Neutron is a cross-chain smart contract platform that was launched in May 2021, and it uses the Cosmos ecosystem’s interchain security feature, Replicated Security (RS). The RS allows consumer chains to access the validators of the Cosmos Hub, which is the central and oldest chain in the Cosmos ecosystem. This enables them to run secure applications in a cost-effective way.
It’s important to note that Neutron is interoperable across the 51 blockchains that form part of the Cosmos network. This means that developers can easily create and link DApps across different chains, making it easier to create innovative, user-friendly, and secure applications.
“Neutron was designed to solve the three main hurdles faced by smart-contract developers in Cosmos: lack of security, lack of credible neutrality, and lack of access to cross-chain infrastructure,” said Avril Dutheil, a founding contributor of Neutron. “RS allowed Neutron to solve the first two, while Neutron’s cross-chain infrastructure allows smart-contracts to easily realize cross-chain functions over IBC.”
Neutron is a promising project that aims to tackle the challenges faced by smart-contract developers in Cosmos and promote the growth of the Cosmos ecosystem.
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