Share this article
DeFi Platform Kava Launches $185M Fund to Onboard New Projects
The Ignition Fund will be used to speed up the process of adding vetted projects to the Kava Ecosystem.
Updated May 11, 2023, 7:08 p.m. Published Sep 22, 2021, 1:55 p.m.
Make us preferred on Google
Decentralized finance (DeFi) firm Kava Labs has launched a $185 million Ignition Fund that will be used to support decentralized finance (DeFi) projects and onboard new projects, the company announced Wednesday.
- Kava Labs said the first phase of the Ignition Fund is targeted at speeding up the onboarding process of vetted projects to the Kava ecosystem. The goal is to quickly expand services on the platform.
- Kava Labs is the developer of Kava, a DeFi network for financial institutions, built on Cosmos SDK.
- “There’s a massive opportunity in DeFi right now to be the first to bridge the gap between the early adopters and the untapped mainstream. The Ignition Fund is about getting Kava there first,” Scott Stuart, CEO of Kava Labs, said in a statement.
- In April, Kava Labs began offering a protocol upgrade dubbed “Kava 5” that gives users of apps built on Kava access to new features. The upgrade to its infrastructure allows users to borrow against multiple cryptocurrency assets and earn staking rewards.
Read more: Kava Labs Launches Protocol Upgrade With Eye on Institutional DeFi Lending
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
More For You
Hong Kong continues to support local digital asset community growth, chief executive says
The government will continue to support a local crypto/Web3 agenda, Chief Executive John KC Lee said at Consensus.
What to know:
- Hong Kong Chief Executive John KC Lee said the government is committed to making the city a global hub for digital asset and Web3 innovation.
- Lee highlighted the "one country, two systems" framework, deep financial market liquidity and strong investor protections as key advantages for crypto development in the special administrative region.
- The Hong Kong Monetary Authority is close to issuing the first stablecoin licenses, while the Securities and Futures Commission is working to deepen virtual asset market liquidity.
Top Stories
