A group of former Terra and Cosmos developers raised $7.5 million for a blockchain platform called Initia that is natively designed to support many Layer 2 networks.

The funding round was co-led by Delphi Ventures and Hack VC, with participation from Nascent, Figment Capital, Big Brain and A.Capital. Angels included pseudonymous crypto traders Cobie, DCF God, Split Capital co-founder Zaheer Ebtikar, Fiskantes and WSB Mod. Celestia COO Nick White also participated.

The round was a SAFE agreement with a token warrant. The team declined to comment on the specific valuation but said it was in the low nine-figure range.

Initia is currently live on a closed testnet. A few projects are already building DeFi applications on the testnet, with plans to go live on an incentivized testnet set to …