Secret Network, a Layer 1 blockchain-based project featuring privacy-preserving smart contracts, received major funding recently. The platform received $11.5 million from investors like Blocktower Capital, Arrington Capital, Skynet Trading, and Spartan Group.
The problem with distributed ledger is transparency, which ultimately impinges upon privacy. Users require an infrastructure to address this concern and maintain the privacy of their financial transactions. Secret Network is the crypto “Shangri-La” of decentralized finance, allowing everyone to enjoy the blockchain’s ecosystems, such as DeFi and NFT, while staying anonymous.
Gaining Massive Support
SCRT, the native token of Secret Network, receiving the equivalent of $11.5 million in funding is proof that institutions are stepping into the realm of blockchain financing. The SCRT investors join the list of other major funds that are participating in the platform’s ecosystem. These other funds include Outlier Ventures, Hashed, Fenbushi Capital, Secret Foundation, and Enigma MPC. In addition, there are also experienced node operators like Figment and Staked.
Arrington Capital founder Michael Arrington said, “Secret is the first blockchain ecosystem to prioritize privacy. Financial privacy is critical to individual freedom, and Arrington Capital has long been committed to financial privacy and censorship resistance.”
“The rapid expansion of Decentralized Finance (DeFi) makes solutions like Secret Network a timely addition to the DeFi ecosystem,” he added.
These investors, working along with the SCRT team, will grow user and developer adoption of the platform and its multiple decentralized applications. Additionally, liquidity provider Skynet Trading will continue providing liquidity to the SCRT token on various exchanges.
Privacy a Priority
Monty Munford, core contributor and Chief Evangelist to Sienna Network, is fully behind this funding. Sienna Network is a privacy DeFi protocol powered by Secret Network. Munford notes, “Of all the networks in all the world, we chose Secret because it was a yes-yes-yes brainer. They understand privacy and we understand DeFi. Match made in heaven.”
According to the announcement, these capital giants will also support another endeavor of Secret Network called Secret NFTs. They are non-fungible tokens that are expected to allow for private ownership of collectibles as well as their public and private metadata. It also paves a way for new use cases for NFTs. Such new use cases include digital media, content monetization, blockchain-based gaming, and much more.
Jamie Burke, the founder of Outlier Ventures and a Secret backer, told TechCrunch, “Privacy will be essential to the security and adoption of Web3, from DeFi to NFTs and beyond. Secret Network brings new and unique privacy functionality to space, and as a result, we believe it will be foundational to the next generation of successful Web3 applications.”
Furthermore, the platform will continue building developers’ interest in creating new applications on top of Secret Network through programs like the Secret Network Grant Program and Secret Fellows Program.
At the time of publication, SCRT was trading at $3.66, with a market cap of $255,048,928 and a 24-hour trading volume of $6,492,147.
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