A coalition of more than twenty blockchain teams and venture funds have joined forces to launch a $50 million Cross-Chain Ecosystem Fund focused on supporting emerging startups that leverage Wormhole cross-chain messaging protocol to drive the adoption of web3.
The fund is managed and operated by web3 venture capital firm Borderless Capital. Blockchain teams backing the Cross-Chain Ecosystem Fund include Aptos Labs, Solana Foundation, Sei Foundation, Algorand Foundation, CLabs (the company behind the Celo Blockchain), the Moonbeam Foundation, Optimism, Circle, Chainlayer, Chainode Tech, 01Node, Syncnode, Moonlet.io, Inotel, Triton One, Strangelove, OtterSec.
Prominent venture firms and angels have also invested in the fund. They include Jump Crypto, Polygon Ventures, MultiCoin GP’s Tushar Jain and Kyle Samani, Arrington Capital, GSR, Floating Point Group, Staking Fund, Forbole Ventures, Securitize’s CEO Carlos Domingo, among others.
With the growing complexity of the web3 landscape, characterized by a multitude of layer-1 blockchains, layer-2 scaling solutions, and specialized appchains, the Ecosystem Fund aims to position Wormhole as the prevailing cross-chain standard for builders. The fund seeks to help developers overcome the constraints imposed by individual ecosystems.
According to a press release, Serving as a foundational protocol, it facilitates the seamless transmission of value and data across over 23 high-value chains. It has already been adopted by established protocols and companies such as Uniswap, Circle, and Base from Coinbase.
“Crypto is still a nascent industry with essentially limitless growth opportunity, and we should be doing nothing but working together, regardless of which specific networks individuals may be more passionate about. It’s really exciting to see so many ecosystems come together with leading venture funds to unite on solving the interoperability challenge by supporting startups that integrate Wormhole’s cross-chain messaging standard,”
Dan Reecer, Head of Operations at Wormhole Foundation, said in a statement.
Builders, founders and developers looking to reach across ecosystems can apply to the Cross-Chain Ecosystem fund at wormhole.com/programs. Applications will be reviewed by Borderless Capital, starting this month.
Read more:
Top security risk in DeFi: Cross-chain bridges are the most targeted
Metaverse Fundraising Report for October: Trends in Gaming, Infrastructure, Payment
The post Major Blockchain Players and Venture Firms Join Forces for $50M Cross-Chain Ecosystem Fund appeared first on Metaverse Post.