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