Injective Protocol raises $10 million from Mark Cuban and other investors
Decentralized derivatives exchange Injective Protocol has raised $10 million in a new funding round.
Several investors, including billionaire entrepreneur Mark Cuban, Pantera Capital, BlockTower, Hashed Ventures, CMS Holdings, and QCP Capital, participated in the round. This was a private placement token sale, Mirza Uddin of Injective Protocol told The Block. We sold tokens with a lockup period at a $1 billion+ valuation.
The lockup period is one year, said Uddin.
Injective Protocol s native token INJ is already live and trading, but new tokens were issued to the investors from the protocol s treasury, Uddin told The Block. It s difficult to buy in the market because the size is quite large, he said.
Decentralized derivatives exchange Injective Protocol has raised $10 million in a “party funding round” from new investors.
What Happened: According to TechCrunch, billionaire investor Mark Cuban has made a strategic investment in the project, joining other high-profile venture firms like Pantera Capital, BlockTower, Hashed, Cadenza Ventures (formerly BitMex Ventures), CMS, and QCP Capital. This was a private placement token sale, Mirza Uddin of Injective Protocol told The Block on Tuesday. We sold tokens with a lockup period at a $1 billion+ valuation.
The lockup period for investors is said to be one year, while the tokens issued to the new investors were taken from the protocol’s private treasury.
A Banksy just fetched $382,000 despite going up in smoke, while a cat cartoon bagged twice that. And it’s all thanks to NFTs, an offshoot of crypto currency bitcoin. But is this a bubble about to burst?
Banksy art burned, destroyed and sold as token in money-making stunt
By Cristina Criddle
image captionThe artwork was burnt in a video livestreamed from a park in New York
An original Banksy, which was burnt and destroyed in a livestreamed video, has been sold via a digital token representing the work for $380,000 (£274,000).
The print Morons is itself a critique of the art market, depicting an auctioneer at Christies.
A video shared by the BurntBanksy account shows a masked man setting fire to the art with a lighter.
One art critic has dismissed the event as a stunt to make money.