Layer 1 network Initia completes $7.5 million financing, led by Delphi Ventures and others

ChainCatcher news, Layer 1 blockchain Initia has completed a $7.5 million financing round, co-led by Delphi Ventures and Hack VC, with participation from Nascent, Figment Capital, Big Brain, and A.Capital. Angel investors include pseudonymous crypto trader Cobie, DCF God, Split Capital co-founder Zaheer Ebtikar, Fiskantes, WSB Mod, and Celestia COO.

It is reported that Initia is currently operating on a closed testnet. Some projects have already built DeFi applications on the testnet and plan to officially launch after the incentivized testnet goes live in early April. Once any issues are resolved, the project will launch its mainnet, with a preliminary plan to launch in the second quarter.