Secret Network Announced $400M Ecosystem Funding.

Secret Network announced on Wednesday that the protocol will soon deploy $400 million into its network’s ecosystem from big-name investors including CoinFund, Alameda Research, and DeFiance Capital.

According to marketing materials, Secret Network will create a $175 million accelerator pool and a $225 million ecosystem fund. The $225 million will be raised from 25 separate investors, with the remaining $175 million coming directly from SCRT Labs.

According to a blog post from the firm, the accelerator pool will be a source of non-dilutive early stage capital for various businesses attempting to build on Secret Network. KuCoin, Terra, DragonFly Capital, Blocktower, and Huobi Capital were among the early investors.

Secret Network is most known for developing a non-fungible token technology, which it touts on its website as the first “NFT with programmable privacy.” Both the NFT holder and the artist have the ability to lease, own, and sell [digital] art privately.

Guy Zyskind, the founder and CEO of Secret Network said:

“[Unlike] normal NFTs, we can provide [user] access control. Essentially, if I’m an artist, and I’m publishing an art piece, I don’t have to reveal it to the entire world, I can publish it selectively.”

Last year, Secret Network made waves for its collaboration with award-winning director Quentin Tarantino on a line of “Pulp Fiction” NFTs. Miramax, the film studio that produced the 1994 film, filed a lawsuit in response to Tarantino’s collecting intentions.

According to court records, Tarantino was accused of copyright infringement, trademark infringement, breach of contract, and unfair competition. In a statement, Secret Network stated that it has not been given a warning and would continue to collaborate with Tarantino on his NFT endeavors.

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Patrick

Coincu News