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 Wednesday the first phase of the Ignition Fund is targeted at speeding up the onboarding process of vetted projects to the Kava ecosystem. This will help to quickly expand the services on the platform.Kava Labs is the developer of Kava, a DeFi platform 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.” said Scott Stuart, CEO of Kava Labs, 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.