The Toronto-based company, which focuses on research and development in service of the Cosmos network of interconnected blockchains, said in a tweet it will “enter a new commercial phase” with the funding. Venture capital firm CMCC Global led the round, with participation from Nascent, Maven11 and others. (The Logic, The Block)

Talking point: In addition to building software that improves security on the Cosmos network, Informal and its CEO, Cosmos co-founder Ethan Buchman, are working on a project called Collaborative Finance, with the goal of building technology that would allow companies to clear debts with each other without transferring funds. Cosmos, whose native token Atom is the 19th most valuable cryptocurrency with a market capitalization of US$3.3 billion, expects to release a range of new technology in the coming months. It also faces challenges from competing blockchain projects and regulators. The U.S. Security and Exchange Commission’s recent complaint against Binance includes a lengthy discussion of why it believes Atom is a security.