Initia, a blockchain startup, secures $7.5m in funding to construct its platform
Initia, a startup focused on blockchain infrastructure, has successfully raised $7.5 million in funding through a round led by Delphi Ventures and Hack VC. The company plans to use the funds to develop its testnet, which is set to launch in the first quarter of 2024. Notable investors such as Nascent and Figment Capital have also participated in the funding.
While Initia has not disclosed specific details about the funding round, reports suggest that it involved a SAFE agreement with a token warrant. The startup has created the Initia Vested Interest Program framework, which aims to distribute native INIT rewards and align the interests of users and developers. With the funding, Initia aims to remove barriers to entry for users and liquidity, while providing a seamless user experience for navigating a multitude of interconnected rollups.
Initia was founded by former developers from Terra and Cosmos, and its goal is to create an “Apple App Store for crypto,” making it easy for thousands of users to access applications in the crypto space. The company, headquartered in Singapore, currently has a global team of 20 members. Co-founder Stan Liu explained in an interview with TechCrunch that Initia aims to eliminate the need for multiple tokenized altcoins that arise on Ethereum due to bridges and protocols.
In summary, Initia has secured $7.5 million in funding to further develop its blockchain infrastructure, with a focus on creating a user-friendly platform for accessing crypto applications.
