Layer 1 network Initia completed US$7.5 million in financing, led by Delphi Ventures and others

Layer 1 blockchain Initia completed a $7.5 million financing round, led by Delphi Ventures and Hack VC, with participation from Nascent, Figment Capital, Big Brain, and A.Capital. Angel investors include anonymous crypto trader Cobie, DCF God, Split Capital co-founder Zaheer Ebtikar, Fiskantes, WSB Mod, and Celestia COO. Initia is currently operating on a closed testnet. Some projects have already built DeFi applications on the testnet and plan to go live once the incentive testnet launches in early April. Once any issues are resolved, the project will launch its mainnet, with a preliminary plan to launch in the second quarter. As previously reported by BlockBeats, on October 12, 2023, the developers of Layer 1 network Initia announced today that they have received pre-seed investment from Binance Labs, with specific financing amounts and more details yet to be disclosed.