Cosmos project Neutron acquires 25% stake in CosmWasm developer Confio
Summary
Cosmos-based smart contracts platform Neutron acquired a 25% stake in Confio, the software company known for developing CosmWasm. This investment and strategic collaboration are aimed at increasing CosmWasm adoption and aligning the development strategies of Neutron and Confio. CosmWasm is the default virtual machine for Cosmos-based blockchains like Neutron and Osmosis, enabling them to operate smart contracts. For Neutron, this marks another milestone on its roadmap since its mainnet launch, which initiated alongside the adoption of Cosmos Hub’s replicated security. In June 2023, Neutron raised $10 million in a seed funding round led by venture firms Binance Labs and CoinFund at an undisclosed valuation.
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