The Secret Network is financing USD 400 million to develop its privacy-focused platform and user adoption.
Secret Network is a decentralized ecosystem that enables private, safe processing over encrypted data by utilizing trusted execution environments. Secret Tokens, Secret Bridges, Secret Finance, and Secret NFTs are the four components of the ecosystem.
BlockTower Capital, Arrington Capital, Fenbushi Capital, Outlier, Spartan Group, and Figment are among 25 existing investors and partners who are supporting a USD 225 million ecosystem fund and a USD 175 million accelerator fund, according to a Jan. 19 statement.
Tor Bair, the Secret Foundation’s Founder, stated:
“With this backing, Secret Network and its partners hope to extend privacy-first, decentralized applications to millions of users around the world.”
The project’s application layer, network infrastructure, and tooling will all benefit from the ecosystem fund. The accelerator pool will use its native token SCRT to give non-dilutive financing, awards, and incentives to swiftly boost user adoption.
Several top-tier investment firms, including Alameda Research, DeFiance Capital, CoinFund, and HashKey, recently acquired SCRT stakes and entered the ecosystem as significant stakeholders, according to Secret Network.
Bair also said:
“Private-by-default networks and applications provide users options and give them control over how their data is utilised.” The entire Secret community is dedicated to safeguarding individuals, ensuring their safety, and combating surveillance capitalism – a system that exploits rather than empowers.”
That’s all he said for now, so it’s a wrap for this story.
