The Secret Network has raked in a total of $400 million in its latest funding round as a part of the Shockwave growth initiative.
Investors Join Secret’s Shockwave Initiative
The Shockwave program is a growth initiative targeted to cement the role of the Secret Network as a data privacy hub for Web 3.0. The team announced the $400 million fundraise on their latest blog post, where it also revealed the investors’ names. The ones that have joined the Secret ecosystem as critical stakeholders are DeFiance Capital, Alameda Research, CoinFund, and HashKey.
Brian Lee, a partner at Alameda Research, commented on becoming a part of the Secret family.
“Secret Network is the first mover and market leader in solving what is still a core need for Web3: data privacy for applications. We are excited to become supporters of the Secret ecosystem and look forward to helping accelerate its global growth across all verticals and aspects.”
New Funds Announced
The blog also announced the new $225 million ecosystem fund from Secret Network and the $175 million accelerator pool. The ecosystem fund will be channeling contributions from 25 existing ecosystem investors and partners towards expanding the network’s application layer, network infrastructure, and tooling. On the other hand, the accelerator pool will be supporting user adoption by providing non-dilutive capital, grants, and other ecosystem incentives.
Speaking on the investment, Arthur Cheong, founding partner at DeFiance Capital, said,
"DeFiance is excited to support Secret Network, the only privacy-by-default smart contract blockchain that enables groundbreaking technologies like front-run resistant DEXes, Secret NFTs, and more. The Secret team has been relentless in working towards their mission since Enigma and we think that the ecosystem is now ready to tackle the next phase of growth."
Programmable Privacy For Web 3
The investment capital will be used to launch a bevy of new applications and thus in turn onboard more and more users. Back in 2021, Secret Network’s collaborations with Terra and Monero had already given the network an edge in the race for programmable privacy. Right now, the Secret team is focusing on ensuring data privacy for Web 3 applications and is also working on establishing customizable privacy controls for smoother global adoption. As the first and only mainnet Layer 1 blockchain to focus on privacy by default, the Secret Network is hopeful to achieve its goals of Web 3 domination.
Evan Feng, Director of Research at CoinFund elaborated on the decision to join the Secret ecosystem, based on its work in Web 3:
"The availability of readily scalable, provable, and compliant privacy technology is an integral component of mass-market consumer-friendly web3 applications. CoinFund is proud to support Secret Network in its mission to enable and accelerate trust-minimized privacy within the composable base layer.”