The Secret’s Out, It Only Cost $400M
Secret Network (SCRT), the privacy-by-default smart contract blockchain, announced this week that it raised $400M from major investors to grow its ecosystem.
Secret Network (SCRT), the privacy-by-default smart contract blockchain, announced this week that it raised $400M from major investors to grow its ecosystem. When Alameda Research announces they’ve invested in your round, the secret’s out.
Secret Network is a leader in the privacy coin space, a category of blockchains that try to push the amount of privacy available on a blockchain beyond the standard anonymous wallets. In Secret Network’s case, they do this by making the first smart contracts that are capable of being private by allowing encryption of everything involved. In most blockchains, everything about a smart contract is published publicly on the blockchain for all to see.
Secret Network’s $400M raise comes from a number of major firms: Alameda Research, DeFiance Capital, CoinFund, and others. These funds are being split into two segments: first, a $225M ecosystem fund “targeted at expanding Secret Network’s application layer (including DeFi and NFTs), network infrastructure, and tooling.”
The second being a $175M accelerator pool which is “designed to provide non-dilutive capital, grants, and ecosystem incentives to rapidly expand user adoption.”
This all comes on the tail of a strong year of growth for Secret Network. According to their roadmap announcement, the network has seen “record highs in active users, adoption, market capitalization, and TVL; substantial global community expansion; dozens of new partners and applications.” FTX, who shares a founder with Alameda Research, also launched trading of perpetual futures on the platform around the time of the announcement.