Injective Protocol, a decentralized derivatives exchange, said it raised a $10M at a $1B valuation from investors including Pantera Capital, BlockTower, Hashed, Cadenza Ventures (formerly BitMex Ventures), among others. Dallas Mavericks owner Mark Cuban also participated, while Cumberland, DRW’s crypto arm, disclosed its investment in the company.
“Raising a sum of money so small relative to its valuation means that the project effectively had near-zero dilution,” the team wrote in their press release.
The Injective Chain is implemented as a Cosmos SDK module, built with Ethermint (EVM on Tendermint), according to Binance Research. It utilizes a Tendermint-based Proof-of-Stake to facilitate cross-chain derivatives trading across Cosmos, Ethereum, and many other layer-1 protocols. The protocol’s Layer 2 exchange allows for zero-fee trading across stocks, crypto, forex, crypto, NFTs, and synthetic assets.
Injective promises to offer 24/7 trading and near-instant settlement, unlike legacy finance services such as Robinhood which takes two days to execute trades and has shut down trading, while also offering trading at lower fees than crypto platforms like Coinbase.