Cosmos network Neutron raised $10M in a funding round led by Binance Labs and CoinFund.

  • Binance Labs and CoinFund led a group of venture firms in raising $10 million for Neutron.
  • Neutron is a smart contracts platform based on Cosmos, which launched its mainnet in May.
  • The funds raised will be used to further develop and promote adoption of the platform across the ecosystem.

Crypto exchange Binance’s venture capital arm, Binance Labs, and Web3-focused venture firm, CoinFund, co-led a $10 million funding round for Neutron, a smart contracts infrastructure based on Cosmos.

The seed funding round also included participation from Delphi Ventures, LongHash, and Nomad, according to The Block.

Neutron is a cross-chain smart contract blockchain that uses CosmWasm, a computational feature in the Cosmos ecosystem that allows for the creation and deployment of dApps in a cost-effective manner. The platform, which launched its mainnet this year, will use the funding to enhance software development and promote further adoption as demand for layer-2 solutions and appchains grows.

Through its Replicated Security layer, Neutron makes it easy for developers to build consumer chains, the first of their kind in the Cosmos ecosystem.

The native token of the Neutron blockchain, Neutron Coin (NTRN), was trading at around $0.00088964.