Secret Network, a privacy-based cryptocurrency built with Cosmos CDK, recently released details about its “Shockwave” growth initiative. It has accumulated $400 million in funding through its accelerator pool and ecosystem fund.
Secret Network’s New Plans
Secret today announced the acquisition of funding via a blog post on its website. To support Secret’s goal to become a key infrastructure and privacy hub in the emerging Web 3 economy, funding was provided by over 25 organizations. The ecosystem fund was estimated to have raised $225 million. It is aimed at increasing Secret’s application layer, including Defi, NFTs and other technologies.
Another $175 million was also allocated to the accelerator pool. This money is meant to provide non-dilutive capital and grants as well as ecosystem incentives to accelerate user adoption.
While these funds were raised from existing investors, Secret also saw several new investment firms, such as DeFiance Capital and Alameda Research, CoinFund and HashKey, acquire positions in the network. Alameda invested recently in several other crypto projects, including the liquidity network Paradigm as well as the provider of Defi products Exotic Markets.
Guy Zyskind is the CEO of SCRT Labs. He stated that Secret Network has a strong support network and a passionate global community. “Secret Network is now entering its most aggressive growth stage to date.” “Since 2015’s first whitepapers at MIT, we have been tirelessly working to bring data privacy to all Blockchains.
Secret has ambitious plans in 2022. They plan to onboard hundreds of thousands of users in H1 and launch hundreds of new apps.
Privacy: The Problem
Secret, as its name suggests, is a private by default blockchain that grants users permission to use any app they want without sharing personal information. Its role is very similar to Monero, but it serves a wider purpose than money transfer. The traditional blockchains left a variety of footprints on the chain for tracking funds and linking addresses back to specific people.
Some believe that privacy should be a part of the decentralization ethos, while others feel it makes crypto less trustable. Stablecoins are a top priority for US regulators right now because of the difficulties surrounding traceability.
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