Quick take:
- Neutron has raised $10 million in a funding round co-led by Binance Labs and CoinFund.
- The fundraising also attracted participation from Delphi Ventures, LongHash Ventures, Semantic Ventures, and Nomad Capital.
- The web3 startup will use the funds to accelerate the development of its cross-chain smart contract platform on Cosmos.
Neutron has announced a $10 million funding round led by Binance Labs and CoinFund. The fundraising also attracted participation from Delphi Ventures, LongHash Ventures, Semantic Ventures, and Nomad Capital.
Neutron operates a cross-chain smart contract platform built on the Cosmos ecosystem. The company is leveraging Cosmos’ Replicated Security (RS) to offer developers a cost-effective and secure environment for building smart contracts and decentralized applications (DApps).
Neutron’s infrastructure and tech stack provides interoperability across more than 51 blockchain networks based on the Cosmos ecosystem.
The latest fundraising will be used to accelerate the development of its DeFi infrastructure and tooling, as well as, ramp up the growth and expansion of the Neutron ecosystem.
Commenting on his company’s leading role in the round, Binance Chief Business Officer Yibo Ling said: “Neutron’s engineering capabilities and tech stack provide an innovative solution for essential infrastructure that can be used by a wide group of developers on the Cosmos Hub. We look forward to working closely with Neutron and witnessing the contribution of its technical advancements to the broader developer community.”
The fundraising comes on the heels of Neutron’s successful mainnet launch last month after receiving approval from the Cosmos Hub community. The Replicated Security protocol is viewed as a feature that will help with the ecosystem growth, as it allows developers to leverage Cosmos’ security layer, opening up opportunities for enhanced development capabilities.
Avril Dutheil, Founding Contributor of Neutron commented: “Neutron was designed to solve the three main hurdles faced by smart-contract developers in Cosmos: lack of security, lack of credible neutrality and lack of access to cross-chain infrastructure. RS allowed Neutron to solve the first two, while Neutron’s cross-chain infrastructure allows smart contracts to easily realize cross-chain functions over inter-blockchain communication (IBC).”
****
Stay up to date:
Subscribe to our newsletter using this link – we won’t spam!
