Neutron, a cross-chain smart contract platform focusing on interchain security inside the Cosmos ecosystem, has received $10 million in funding, led by Binance Labs, the venture capital and incubator division of cryptocurrency exchange Binance.
The funding, which was co-led by CoinFund, will help enhance blockchain software development for Neutron and foster the expansion of its ecosystem, according to a release.
The cross-chain smart contract platform Neutron, which launched its mainnet in May, makes advantage of the Replicated Security (RS) interchain security component of the Cosmos ecosystem. According to the company’s announcement, developers may utilise Neutron to create smart contracts and decentralised applications (dapps) in a secure and cost-effective setting.
According to the announcement, Neutron is compatible with all 51 blockchains connected via Inter-Blockchain Communication (IBC) in the Cosmos network.
Avril Dutheil, a founding member of Neutron, wrote in an email to CoinDesk
“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 realise cross-chain functions over IBC,” Dutheil continued.
On June 21, cointime, A $10 million fundraising round for Neutron, a cross-chain smart contract platform focusing on interchain security inside the Cosmos ecosystem, was headed by Binance Labs, the venture capital and incubator division of Binance. The money, which will be used to improve blockchain software development for Neutron and foster expansion of its ecosystem, was also co-led by CoinFund.
Developers can create smart contracts and decentralised applications (dapps) utilising Neutron, a secure and affordable platform, by utilising the interchain security function of the Cosmos ecosystem. The platform is compatible with all 51 blockchains connected by Inter-Blockchain Communication (IBC) in the Cosmos network. Semantic Ventures, LongHash Ventures, Delphi Ventures, and Nomad Capital were additional participants in the investment round.
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