On Wednesday, the Secret Network announced the launch of a USD 400 million fund to subsidize ecosystem participants to expand the application layer and accelerate user recruitment. SCRT, the network’s native token, has a market capitalization of USD 1.4 billion, making it the third largest privacy-centric crypto asset market and ranked 87th among the more than 12,000 crypto-assets present in the market today. Secret Network was selected when Quentin Tarantino released a collection of seven pulp fiction non-fungible token (NFT) assets. SCRT Labs, the development team behind the secret network, announced that several well-known investment companies including Alameda Research, Hashkey Capital, Coinfund, and Definition Capital are on board.
Brian Lee, a partner at Alameda Research said in a statement:
“Secret Network is the first mover and market leader in solving what is still a core need for Web3: data privacy for applications.”
Guy Zyskind, Founder and CEO of SCRT Labs, stated that
“We (SCRT Labs) invite developers from around the world in our mission to build the next generation of secret apps that protect and empower millions of users around the world.”
The fund consists of a USD 225 million ecosystem fund and a USD 175 million accelerator pool
SCRT Labs stated that the funds will be split into two parts. First, the USD 225 million ecosystem fund “with more than 25 existing ecosystem investors aimed at expanding the application layer (including Decentralized and NFT), network infrastructure, and tools of secret networks. It consists of donations from partners.” The team also said that the ecosystem fund “consists of pledges from 25 partner organizations.”
Then USD 175 million will be allocated to the “SCRT-funded Accelerator Pool designed to provide basic capital, grants and ecosystem incentives to rapidly expand user recruitment numbers.”
