Secret Network, behind altcoin project SCRT, announced that it is offering $400 million to projects in the privacy-focused Blockchain ecosystem. With the effect of the announcement, the altcoin price gained value.
Altcoin jumped after the funding announcement!
Secret’s $400 million fund consists of two parts. The first is a $225 million ecosystem fund that receives contributions from many of Secret’s partners and venture capital firms. This fund aims to assist developers who are already developing Secret by providing long-term strategic and financial support. The second fund is a $175 million accelerator pool filled with the project’s SCRT token. This fund will provide grants, capital and incentives to “rapidly expand user adoption”.
Both funds are part of the Secret’s Shockwave development phase, which aims to encourage adoption by attracting new projects and users and introducing new features to the community. Secret also says that many firms are buying SCRT tokens as shares, including Alameda Research, a venture capital firm known to support cryptocurrency exchange FTX. Other contributors include DeFiance Capital, CoinFund, HashKey, Kucoin Labs, and Huobi Ventures.
Secret Network is a Blockchain that aims to provide data privacy for smart contracts and applications. While other chains such as Ethereum and Solana also support such programs, Secret claims to be “the first Blockchain with data privacy by default”. The platform has recently been noted for hosting Quentin Tarantino’s Pulp Fiction NFT auction. Secret Network’s SCRT token is currently the 88th largest cryptocurrency in the market with a capitalization of $1.3 billion. The coin price has increased by 30 percent in the past seven days.