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DeFi Platform Kava Launches $185M Fund to Onboard New Projects
The Ignition Fund will be used to speed up the process of adding vetted projects to the Kava Ecosystem.
Decentralized finance (DeFi) firm Kava Labs has launched a $185 million Ignition Fund that will be used to support decentralized finance (DeFi) projects and onboard new projects, the company announced Wednesday.
- Kava Labs said the first phase of the Ignition Fund is targeted at speeding up the onboarding process of vetted projects to the Kava ecosystem. The goal is to quickly expand services on the platform.
- Kava Labs is the developer of Kava, a DeFi network for financial institutions, built on Cosmos SDK.
- “There’s a massive opportunity in DeFi right now to be the first to bridge the gap between the early adopters and the untapped mainstream. The Ignition Fund is about getting Kava there first,” Scott Stuart, CEO of Kava Labs, said in a statement.
- In April, Kava Labs began offering a protocol upgrade dubbed “Kava 5” that gives users of apps built on Kava access to new features. The upgrade to its infrastructure allows users to borrow against multiple cryptocurrency assets and earn staking rewards.
Read more: Kava Labs Launches Protocol Upgrade With Eye on Institutional DeFi Lending
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Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
