Level 1 blockchain Initia receives investment from Binance Labs

Tier 1 network developers Initia have raised pre-seed funding from Binance Labs, without disclosing the size.

This will allow the Initia team to enable developers to build second-tier scale-out solutions within the Cosmos ecosystem. Initia will host scalable layer 2 application solutions using optimistic folding. Initia will also facilitate cross-chain interaction between second-layer solutions created on this platform. The developers note that cooperation with Binance Labs will create an interconnected ecosystem of applications, taking into account the economic interests of users and operators. Initia will use the Move programming language and the MoveVM computing framework to implement the functionality.