Read

Blockchain infrastructure startup Initia has secured $7.5 million in a funding co-led by Delphi Ventures and Hack VC. 
In <a href="https://twitter.com/initiaFDN/status/1762478518020223329" target="_blank" rel="noreferrer noopener">an X thread</a> on Feb. 27, Initia said it has raised $7.5 million in seed financing to work on its testnet, which is scheduled for launch in Q1 2024. In addition to Delphi Ventures and Hack VC, other investors like Nascent and Figment Capital have also joined the funding. 
Although Initia has not publicly disclosed details of the round, reports indicate the funding was a SAFE agreement with a token warrant. 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Interwoven rollups will bind together the modular future. Initia is proud to announce our $7.5m seed fundraise led by <a href="https://twitter.com/Delphi_Digital?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@Delphi_Digital</a> and <a href="https://twitter.com/hack_vc?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@hack_vc</a> along with prominent angels <a href="https://twitter.com/cobie?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@cobie</a>, <a href="https://twitter.com/dcfgod?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@dcfgod</a>, and <a href="https://twitter.com/SplitCapital?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@SplitCapital</a> to build a network for interwoven rollups. <a href="https://t.co/9RWxaqWbFu" target="_blank">pic.twitter.com/9RWxaqWbFu</a>— Initia (@initiaFDN) <a href="https://twitter.com/initiaFDN/status/1762478470075183371?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">February 27, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
 You might also like: <a href="https://crypto.news/hack-vc-million-crypto-defi-startups/"> Hack VC secures $150m fund to fuel crypto, defi startups </a> 
The startup says it has “carefully designed” the so-called Initia Vested Interest Program framework to distribute native INIT rewards and “align the interests of users, developers.” With the proceeds, Initia wants to eliminate barriers to entry “for both users and liquidity while providing a unified UX to seamlessly navigate thousands of interwoven rollups.” 
Founded by ex-developers from Terra and Cosmos, Initia appears to be trying to build “the Apple App Store [but for crypto] so thousands of users should have really easy access to these applications,” Initia’s co-founder Stan Liu told TechCrunch in an <a href="https://techcrunch.com/2024/02/27/initia-raises-7-5m-seed-money-to-ease-blockchain-development/" target="_blank" rel="noreferrer noopener">interview</a>. 
The company, based in Singapore, currently employs 20 team members worldwide. With the funding, Initia plans to develop a platform that eliminates the need for multiple tokenized altcoins, which arise on Ethereum due to bridges and protocols, explained the other co-founder Ezaan Mangalji. 
 Read more: <a href="https://crypto.news/citrea-secures-2-7m-seed-investment-to-develop-zk-rollup-for-bitcoin/"> Citrea secures $2.7m seed investment to develop ZK-rollup for Bitcoin </a>

Blockchain startup Initia raises $7.5m to build ‘network for interwoven rollups’

crypto.news

Other articles published on Feb 28, 2024

Shiba Inu’s Price Surge Gains Momentum

5 Top Cryptocurrencies Under 1 Cent to Grab for 549% Profits!

Analyst Lists More Than 15 Altcoins for Minimum 35x Returns

Maximize Earnings with Superior Bitcoin Layer-2 Staking over Interest Rates

Will Spring and Summer warm up Ripple (XRP) trading price and will Kelexo (KLXO) 20X as Aave (AAV...

Core Chain’s Vision Paper highlights how BTCfi will open the door to a trillion-dollar Bitcoin ec...

Join our free newsletter for daily crypto updates!