Injective Protocol's fast and free decentralized trading service aims to compete with Robinhood.
Shutterstock photo by ponsulak
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Decentralized derivatives trading platform Injective Protocol has raised $10 million in its latest round of funding.
Injective Raises $10 Million
Injective Protocol has raised $10 million from some of crypto’s most well-known venture capital firms, bringing its overall valuation above $1 billion. This round included contributions from Pantera Capital, BlockTower, Hashed, Cadenza Ventures, CMS, and QCP Capital.
Shark Tank host and Dallas Mavericks owner Mark Cuban, well-known for being a DeFi bull, also invested in the project.
By raising this money while giving up little equity, Injective was able to prevent dilution in ownership of the protocol and ensure that INJ holders will control the platform’s future.
An Alternative to Robinhood
Injective Protocol is a decentralized trading platform on layer 2 of Ethereum. It boasts low fees, instant transactions, and access to stocks, crypto, forex, synthetic assets, and NFTs.
The project promotes itself as a decentralized and transparent alternative to Robinhood. Some investors are now ditrustful toward Robinhood due to the GameStop shorting incident in which Robinhood faced capital shortages and began to block trades.
Because Injective cannot block trades in the same way, it could see disgruntled Robinhood users move to its platform. Nevertheless, Robinhood remains a far more mainstream app.
Disclaimer: The author held ETH, BTC, and a number of other cryptocurrencies at the time of writing.
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