Secret Network is offering $400 million in funding to grow its privacy-focused ecosystem and expand user adoption.
Secret Network is a decentralized ecosystem that uses trusted execution environments to enable private and secure computation of encrypted data. The ecosystem consists of four components: Secret Tokens, Secret Bridges, Secret Finance and Secret NFT.
According to a statement dated 19 The privacy-focused platform offers a $225M ecosystem fund and a $175M accelerator fund with the backing of 25 existing investors and partners. including BlockTower Capital, Arrington Capital, Fenbushi Capital, Outlier, Spartan Group and Figment.
That’s what Secret Foundation founder Tor Bair told Cointelegraph The funding would further the network’s goal of “scaling privacy-first decentralized applications for global adoption by millions of users.”, emphasizing the importance of Web3 technology:
“Privacy technologies are essential to ensure that Web 3.0 is empowering and open and not an extension of Web 2.0’s flaws.”
The ecosystem fund will be used to expand the project’s application layer, network infrastructure and tools. The accelerator fund will provide basic capital, grants and incentives through its native SCRT token to rapidly increase user adoption.
Secret Network also revealed that numerous high-end investment firms have recently acquired positions at SCRT and joined the ecosystem as key stakeholders. including Alameda Research, DeFiance Capital, CoinFund and HashKey.
Funding for the ecosystem is part of the Shockwave Initiative, a vision for the Secret Network’s global growth, which was announced on January 12th. Shockwave aims to solidify the ecosystem’s position as the privacy hub for Web 3.0.
Bair said that A global network focused on privacy has been an integral part of building a better internet:
â??By default, private networks and applications create options for users, allowing them to control and consent to the use of their data. The entire Secret community is dedicated to protecting users, providing security, and fighting against surveillance capitalism, a system that exploits rather than empowers.
The funding news comes after the Secret Network recently launched an auction for a highly anticipated collection of seven Quentin Tarantino NFTs. on January 17th. The collection consists of seven chapters from Tarantino’s original handwritten screenplay for Pulp Fiction, the first chapter of which has been sold and will be announced on January 24th.