Mina Protocol will spend $ 92 million, attracting new developers

Mina Ecosystem, who represents several teams developing Mina’s privacy-focused blockchain protocol, raised $ 92 million in token sales. The funds will be used to attract other software developers.

The fundraising was led by Three Arrows Capital, FTX Ventures as well as Amber Group, Blockchain.com, Circle Ventures, Pantera Capital and others, according to Mina Ecosust.

According to Mina Foundation CEO Evan Shapiro, Mina Ecosystem is a team that includes several groups, including the Mina Foundation. He preferred to keep quiet about the conditions of token sales, but the participants in the ecosystem divide the amount collected among themselves.

They are usually offered to venture investors at a discount during private sales. The price of one MINA token is currently hovering around $ 1.80.

With additional funding, the Mina ecosystem aims to attract more developers to work on the Mina protocol. For this reason, the entire amount will go to the developer grant.

Mina Protocol is a Layer 1 blockchain network that helps developers build decentralized privacy-focused applications.

According to Shapiro, the protocol uses zero-knowledge proof technology, so users do not need to share personal information when using decentralized applications built on the Mina protocol.