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Former Terra and Cosmos Developers Raise $7.5 Million for Rollup-Focused Blockchain Platform Initia

27/02 22:28

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WSB

According to PANews, former Terra and Cosmos developers have successfully raised $7.5 million to develop Initia, a blockchain platform focused on rollups, with plans to launch the mainnet in the second quarter. The funding round was co-led by Delphi Ventures and Hack VC, with participation from Nascent, Figment Capital, Big Brain, and A.Capital. Angel investors included anonymous cryptocurrency trader Cobie, DCF God, Split Capital co-founder Zaheer Ebtikar, Fiskantes, and WSB Mod. Celestia COO Nick White also took part in the round. Initia aims to support multiple second-layer networks and has incentive mechanisms in place to promote the growth of these networks. The platform is currently in a closed testnet phase, with some projects already building DeFi applications on the testnet. The incentive testnet is scheduled to launch in early April.

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