Privacy-Focused Blockchain Secret Network Announces $400M in Funding

Data privacy-focused blockchain Secret Network has announced a new $225 million ecosystem fund and a $175 million accelerator pool

Privacy blockchain Secret Network has announced a $225 million ecosystem fund and a $175 million accelerator pool, aiming to boost Web 3 development on its network.

The Secret ecosystem fund will offer long-term financial and strategic support to developers and founders building on the network, SCRT Labs, the core development team behind the network, said in a blog post on Wednesday.

Several investment partners, including Alameda Research, Arrington Capital, CoinFund and DeFiance Capital, participated in the fund.

“The primary goal of the ecosystem fund is to ensure that every individual, team and organization building on Secret has a clear path to self-sustainability and support in bringing their products to market,” the Secret Network team wrote.

The accelerator pool is funded in SCRT, the network’s native token, and will be primarily managed by SCRT Labs. The pool will support decentralized finance (DeFi), non-fungible tokens (NFTs), gaming, metaverse and other types of applications on the network.

SCRT was down about 3% on the day but started perking up around the time of the announcement, according to CoinGecko data.

Secret Network also announced that a number of investment firms had recently acquired “substantial” SCRT token positions, including Alameda, CoinFund. DeFiance and HashKey.

“DeFiance is excited to support Secret Network, the only privacy-by-default smart contract blockchain that enables groundbreaking technologies like front-run resistant DEXes, Secret NFTs and more,” Arthur Cheong, founding partner at DeFiance Capital, said in the post.

Secret gained some attention for its NFT protocol when a project from director Quentin Tarantino ran into legal problems.

UPDATE (Jan. 19, 19:26 UTC): Adds SCRT price action.