Secret Network offers $400 million in funding to get others to discover the secret

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Secret Network is offering $400 million in funding to grow its privacy-focused ecosystem and expand user adoption.

Secret Network is a decentralized ecosystem that uses trusted runtimes to enable private and secure computing on encrypted data. The ecosystem consists of four components: Secret Tokens, Secret Bridges, Secret Finances, and Secret NFTs.

According to to a January 19 announcement, the privacy-focused platform is offering a $225 million ecosystem fund and a $175 million accelerator fund with backing from 25 existing investors and partners, including BlockTower Capital , Arrington Capital, Fenbushi Capital, Outlier, Spartan Group and Invention.

Secret Foundation founder Tor Bair told Cointelegraph that the funding would help the network’s goal of “scaling privacy-focused decentralized applications to be adopted globally by millions of people.” users”, while emphasizing the importance of Web3 technology:

“Privacy technologies are key to ensuring that Web 3.0 will be empowering and open, rather than an extension of failed Web 2.0.”

The ecosystem fund will be used to extend the project’s application layer, network infrastructure, and tools. The accelerator pool will provide non-dilutive capital, grants, and incentives through its native SCRT token to rapidly scale user adoption.

Secret Network also revealed that many top investment firms have recently acquired SCRT positions and joined the ecosystem as critical stakeholders, including Alameda Research, DeFiance Capital, CoinFund, and HashKey.

The ecosystem funding is part of the Shockwave Initiative, a vision for Secret Network’s global growth, which was announced on January 12. Shockwave aims to cement the ecosystem’s position as the privacy hub for Web 3.0.

Related: Miramax Sues Tarantino Over “Money Seizure” Pulp Fiction NFTs

Bair said that a privacy-focused global network is an essential part of building a better Internet:

“Private networks and applications by default create choices for users and allow them to control and consent to how their data is used. The entire Secret community is dedicated to user protection, security, and the fight against surveillance capitalism – a system that exploits instead of empowers.

The funding news follows Secret Network’s freshly launched auction for a collection of seven highly anticipated NFTs issued by Quentin Tarantino on January 17. The collection consists of seven chapters from Tarantino’s original handwritten screenplay of Pulp Fiction, the first chapter of which has been sold and will be announced on January 24.

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