Binance Labs Leads $10 Million Round for Neutron to Drive Development of Secure Interchain Infrastructure on Cosmos
Main Takeaways
Binance Labs has led a $10 million funding round for Neutron, a cross-chain smart contract platform leveraging interchain security on the Cosmos ecosystem.
Neutron is the first consumer chain on the Cosmos Hub to launch on Replicated Security, allowing smart contract developers to leverage the infrastructure and security to easily build scalable DApps within the Cosmos ecosystem.
The funds will be utilized in the ongoing development of Neutron's blockchain software, foster the expansion of the Neutron ecosystem, and facilitate the creation of secure and user-friendly DApps among new developers.
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 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.
“At Binance Labs, we are committed to investing in early-stage projects that establish the groundwork for a sustainable and scalable ecosystem,” said Binance Chief Business Officer Yibo Ling. “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).
“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.” commented Avril Dutheil, Founding Contributor of Neutron.
About Neutron
Neutron is the most secure cross-chain smart contract platform for Interchain DeFi. Built with the Cosmos SDK and native support for CosmWasm, it enables developers to build smart contracts affordably and securely with high interoperability across apps and chains. For more information, follow Neutron on Twitter.
About Binance Labs
As the venture capital arm and accelerator of Binance, Binance Labs has now grown to be worth over $9 billion. Its portfolio covers 200 projects from over 25 countries across six continents and has a return on investment rate of over 10X. Fifty of Binance Labs’ portfolio companies are projects that have gone through our incubation programs. For more information, follow Binance Labs on Twitter.