Privacy-Focused Blockchain Secret Network Announces $400M in Funding

Data privacy-focused blockchain Secret Network has announced a new $225 million ecosystem fund and a $175 million accelerator pool, building on the recently revealed initiative called Shockwave that's aimed at making the network a key part of Web 3.

• The Secret ecosystem fund will provide long-term financial and strategic support to developers and founders building on the network, SCRT Labs, the core development team behind the network, said in a blog post on Wednesday.
• A long list of investment partners, including Alameda Research, Arrington Capital, CoinFund and DeFiance Capital, chipped in.
• “The primary goal of the ecosystem fund is to ensure that every individual, team and organization building on Secret has a clear path to self-sustainability and support in bringing their products to market,” the Secret Network team wrote.
• The accelerator pool is funded in SCRT, the network’s native token, and is primarily managed by SCRT Labs. The pool will support decentralized finance (DeFi), non-fungible tokens (NFTs), gaming, metaverse and other kinds of applications on the network.
• SCRT was down about 3% on the day but started perking up around the time of the announcement, according to CoinGecko data.
• Secret Network also announced that a number of investment firms had recently acquired “substantial” SCRT token positions, including Alameda, CoinFund, DeFiance and HashKey.
• "DeFiance is excited to support Secret Network, the only privacy-by-default smart contract blockchain that enables groundbreaking technologies like front-run resistant DEXes, Secret NFTs and more,” Arthur Cheong, founding partner at DeFiance Capital, said in the post.
• Secret won a bit of buzz for its NFT protocol when a project from director Quentin Tarantino ran into legal trouble.

Read more: Quentin Tarantino to Release ‘Pulp Fiction’ NFTs, Flouting Miramax Lawsuit

UPDATE (Jan. 19, 19:26 UTC): Adds SCRT price action.