Binance Labs, the venture capital and incubation arm of Binance, has led a $10 million funding round for Neutron as part of its ongoing drive to support the development of secure DeFi infrastructure and tooling.
The investment round was “co-led by CoinFund, with participation from Delphi Ventures, LongHash Ventures, Semantic Ventures, and Nomad Capital.”
Neutron is “a cross-chain smart contract platform leveraging the Cosmos ecosystem’s security; the protocol was the first consumer chain on the Cosmos Hub’s interchain security feature, Replicated Security (RS).”
Neutron offers developers “a cost-effective and secure environment for building smart contracts and decentralized applications (DApps).” Built on Cosmos SDK and CosmWasm, Neutron’s infrastructure and tooling “facilitate high interoperability across the 51+ interconnected blockchains in the Cosmos network.”
Binance Chief Business Officer Yibo Ling said:
“At Binance Labs, we are committed to investing in early-stage projects that establish the groundwork for a sustainable and scalable ecosystem. Neutron’s engineering capabilities and tech stack provide an innovative solution for essential infrastructure that can be used by a wide group of developers on the Cosmos Hub. We look forward to working closely with Neutron and witnessing the contribution of its technical advancements to the broader developer community.”
Enabling developers to build highly secure & scalable DApps on Cosmos
In May 2023, Neutron successfully “launched its mainnet after receiving approval from the Cosmos Hub community.”
The Neutron platform is “designed to facilitate the deployment of diverse smart contracts and DApps on the Cosmos Hub, streamlining settlement coordination, data availability, and execution.”
By doing so, Neutron effectively “addresses the complexities and resource demands typically associated with maintaining a secure network for blockchain projects.”
Moreover, developers can “leverage the advantages of Replicated Security (RS) on the Cosmos Hub, opening up opportunities for enhanced development capabilities.”
The funds raised by Neutron will “be strategically allocated to further advance the development of their blockchain software.”
Additionally, the investment will “fuel the growth and expansion of the Neutron ecosystem, creating an environment that attracts a wider community of developers and projects with the aim of creating innovative, secure, and user-friendly decentralized applications (DApps).”
Avril Dutheil, Founding Contributor of Neutron, said:
“Neutron was designed to solve the three main hurdles faced by smart-contract developers in Cosmos: lack of security, lack of credible neutrality and lack of access to cross-chain infrastructure. RS allowed Neutron to solve the first two, while Neutron’s cross-chain infrastructure allows smart-contracts to easily realize cross-chain functions over IBC. We’re proud to have received the support of the industry-leading partner that Binance Labs is early on to further develop our blockchain software and make Neutron a leading DeFi ecosystem.”
