The privacy-focused Secret Network has raised $400 million in funding. Most of the funds will be directed to expanding the functionality of the main network with the help of NFT and DeFi.
Last Wednesday, the developers of the Secret Network project announced that several leading investment companies have joined their ecosystem. Among them are Alameda Research, HashKey, DeFinance Capital and CoinFund.
In total, Secret Network managed to raise $400 million in funding, of which $225 million will be invested in expanding the functionality of the main network using NFT and DeFi. The company will allocate another $175 million to support shares, grants and implementation among users.
“From the first release of our whitepaper in 2015 at MIT until today, we have worked tirelessly to ensure the privacy of our customers’ data. With the support of our partners and users, Secret Network is now entering its most important phase of development,” said Guy Zyskind, CEO of SCRT Labs.
According to the company, their system will be an important step in the development of Web3 – from DeFi to NFT. Recall that in July last year, Secret Network developers launched a confidential on-network management system for their automated market maker SecretSwap.