Blockchain Infrastructure Startup Lands Major Funding
Blockchain infrastructure startup Initia has successfully secured $7.5 million in a seed funding round co-led by Delphi Ventures and Hack VC. This significant financial injection is poised to fuel the development of Initia’s ambitious project – a network designed to support thousands of interwoven rollups. The announcement was made via an X thread on February 27, indicating the startup’s testnet is on track for a Q1 2024 launch.
Crypto Investors Rally Behind Initia
The funding round saw notable participation from other investors including Nascent and Figment Capital, showcasing broad support for Initia’s vision. While the specifics of the funding agreement remain under wraps, it is understood to be a SAFE agreement with a token warrant.
A Vision for Unified Crypto Applications
Initia’s co-founders, Stan Liu and Ezaan Mangalji, both ex-developers from Terra and Cosmos, have a clear vision. They aim to create a platform reminiscent of “the Apple App Store but for crypto,” ensuring thousands of users have effortless access to applications. This initiative could potentially eliminate the need for multiple tokenized altcoins, which frequently emerge on Ethereum due to various bridges and protocols.
Strategic Allocation of Funds
The newly acquired funds are earmarked for the development of Initia’s testnet, along with the Initia Vested Interest Program. This program is designed to distribute native INIT rewards, aligning the interests of users and developers alike. By doing so, Initia aims to remove entry barriers for users and liquidity providers, offering a unified user experience across thousands of interwoven rollups.
Global Ambitions with a Local Base
Although headquartered in Singapore, Initia operates with a global mindset, employing a 20-member team spread across the world. This funding round not only bolsters the company’s financial resources but also reaffirms its commitment to revolutionizing the blockchain space with innovative solutions that simplify access to crypto applications.
