Binance Labs and CoinFund led several venture firms in raising a $10 million round for Neutron.
Neutron is a Cosmos-based smart contracts platform that launched its mainnet in May.
The platform will use the funds to further its development and adoption across the ecosystem.
Crypto exchange Binance’s venture capital arm Binance Labs and Web3-focused venture firm CoinFund co-led a $10 million funding round for Cosmos-based smart contracts infrastructure Neutron.
The seed funding round also attracted the participation of Delphi Ventures, LongHash and Nomad, according to details of the funding round reported by The Block.
Neutron is a cross-chain smart contract blockchain that uses CosmWasm, a computational feature in the Cosmos ecosystem that allows for cost-effective creation and deployment of dApps. The platform, whose mainnet launch was in May this year, will use the funding to enhance its software development and promote further adoption as demand for layer-2 solutions and appchains grows.
With its Replicated Security layer, Neutron makes it easy for developers to build consumer chains, the first in the Cosmos ecosystem.
Neutron Coin (NTRN), the blockchain’s native token, traded at around $0.00088964.