Binance Labs and CoinFund Lead $10 Million Funding Round for Cosmos Blockchain Neutron
Binance Labs and CoinFund have co-led a $10 million funding round for Neutron, a cross-chain smart contract platform focused on interchain security within the Cosmos ecosystem.
Binance Labs, the investment arm of leading cryptocurrency exchange Binance, took the lead in the funding round, Binance said in a Wednesday blog post.
Cryptonative investment firm CoinFund co-led the funding. Delphi Ventures, LongHash, and Nomad also participated in the round.
The funding will enable the development and growth of Neutron’s blockchain software and promote growth for its ecosystem, Binance said in the announcement.
It added that the goal is to create “an environment that attracts a wider community of developers and projects with the aim of creating innovative, secure, and user-friendly decentralized applications (DApps).”
“Neutron’s engineering capabilities and tech stack provide an innovative solution for essential infrastructure that can be used by a wide group of developers on the Cosmos Hub,” Binance Chief Business Officer Yibo Ling said in a statement.
Launched in May 2021, Neutron is a cross-chain smart contract platform that uses the Cosmos ecosystem’s interchain security feature, Replicated Security (RS).
The RS allows so-called consumer chains to tap into the validators of the Cosmos Hub, the central and oldest chain in the Cosmos ecosystem, to gain the ability to run secure applications in a cost-effective way.
It is worth noting that Neutron is interoperable across the 51 blockchains that form part of the Cosmos network, meaning developers can easily create and link centralized apps (dApps) across different chains.
“Neutron was designed to solve the three main hurdles faced by smart-contract developers in Cosmos: lack of security, lack of credible neutrality and lack of access to cross-chain infrastructure,” Avril Dutheil, founding contributor of Neutron said in a comment.
