Data privacy-focused crypto project Secret Network (SCRT) is establishing a multimillion-dollar fund to support its growth.
In a new announcement, the smart contract-enabled altcoin says that it is setting up an ecosystem fund worth $225 million to help developers and teams build on its network.
“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.
We want developers to build confidently in our ecosystem for years to come – not just proofs of concept or narrow pilot programs, but truly groundbreaking privacy-first Web3 applications across every vertical that can be adopted and championed by millions.”
The Secret Network also says that it is setting up an accelerator pool worth $175 million to offer non-equitable capital, grants, and ecosystem incentives to developers and builders on the network.
Recipients building decentralized applications (DApps) in nascent sectors of the crypto industry will receive funding in the form of SCRT, Secret Network’s native token.
“Funded in SCRT and primarily managed by SCRT Labs, the accelerator pool will be used to support critical growth initiatives across Secret DeFi [decentralized finance], NFTs [non-fungible tokens], gaming and metaverse, and other essential application verticals on Secret Network.”
The crypto project also says that it has partnered with investment firms such as Alameda Research, founded by FTX CEO and billionaire Sam Bankman-Fried, who has joined the ecosystem as crucial stakeholders.
Other key investors include DeFi-focused venture DeFiance Capital, crypto investment firm CoinFund, and digital assets financial services group HashKey.
SCRT is trading at $8.57 at time of writing, a staggering 70% gain since the beginning of the year.