Neutron raises $10M for expansion.
The Neutron blockchain, which focuses on smart contracts, has received a $10 million investment from a seed funding round. The round was led by Binance Labs and CoinFund, with other investors including Delphi Ventures, LongHash, and Nomad. The valuation of the blockchain was not disclosed, but the funding round is impressive given the current difficulty of crypto fundraising.
Neutron to Expand Smart Contract Platform with New Funding
According to Avril Dutheil, a core contributor to Neutron, the funding will be used to support a “major technological and narrative shift” in expanding the platform. Dutheil believes that the new funding will bring more attention to the Cosmos ecosystem, as Neutron is a pioneer in developing smart contract technology. To maintain this status, Neutron plans to use the funding to provide cross-chain smart contract applications for the Cosmos network, which includes over 50 interconnected, app-specific blockchains.
The funding will also help the network create the Atom Economic Zone, which is an ecosystem on the Cosmos platform designed to ensure safe transactions across different blockchains. According to Dutheil, “We’ve certainly put a lot of effort into spearheading these initiatives to form a sort of privileged trade zone for DeFi.”
Neutron’s expansion plans also include integrating a new feature called “Replicated Security”. This feature involves a “shared security model” that protects new development projects launched on the Cosmos Hub.
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As previously mentioned, crypto fundraising has become increasingly difficult due to regulators cracking down on the industry. US federal regulators recently targeted Binance and Coinbase, the two largest exchanges in the game. This has led to some apprehension from crypto firms. However, Dutheil insists that Neutron has taken the necessary steps to avoid regulatory issues. He notes that Neutron tokens are not available to US investors on exchanges and will instead operate within designated “safe harbours”.