• MEXC, a leading Singapore-based cryptocurrency trading platform, has unveiled a $20 million fund to support projects on Layer 1 blockchain Sei Network.
• Sei Network raised $5 million in August from investors such as Coinbase Ventures and Multicoin Capital.
• The platform plans to use the new capital injection to support network development and back 20 decentralised applications (dApps) that are already building on the network.
MEXC, a leading Singapore-based cryptocurrency trading platform, has recently announced a major investment in the Layer 1 blockchain Sei Network. The trading platform has unveiled a $20 million fund to support projects on the Sei Network. This injection of capital was made through MEXC Ventures, a comprehensive fund that looks to empower digital asset projects with the resources they need to grow and expand in the cryptocurrency market.
Sei Network was founded in August and was able to secure $5 million in investments from reputable industry players and other investors, including Coinbase Ventures, Multicoin Capital, Delphi Digital, and Hudson River Trading. The latest capital injection from MEXC Ventures will be used to further develop the network as well as to back 20 decentralised applications (dApps) that are currently being built on the Sei Network.
The Sei Network is designed to maximise the advantages of trading on decentralised exchanges (DEXs). The team behind the platform consists of former Robinhood developers, Cosmos OGs, and ex-Goldman Sachs finance and strategy members.
In a blog post published on the 4th of January, MEXC stated that the fund will be geared towards boosting adoption across the Sei Network ecosystem. The trading platform also noted that the fund will be invested in the “right projects” that will help the Sei Network reach its goals and objectives.
The Sei Network is fast becoming a major player in the cryptocurrency industry and the team is confident that the platform will be able to reach its mainnet launch with the help of the $20 million fund from MEXC Ventures. The Sei Network is expected to become one of the most powerful Layer 1 blockchains in the industry and will be able to facilitate the development of new dApps and other projects that will help drive further adoption and usage of cryptocurrencies.