A collaborative effort from leading blockchain innovators and venture capitalists has culminated in the creation of a $50 million fund aimed at fostering cross-chain technology.
In Brief
More than twenty significant players in the blockchain sector, alongside various venture capital firms, have united to launch a significant $50 million fund focused on cross-chain solutions.
The fund will focus on backing This initiative primarily seeks to support new ventures that adopt the Wormhole protocol for cross-chain messaging.
Notable firms and investment groups, including Jump Crypto, Polygon Ventures, Aptos Labs, and the Solana Foundation, are among those who have shown their support for this new fund.
With a focus on nurturing innovative startups that utilize the Wormhole cross-chain messaging protocol, this collaborative fund aims to catalyze the transition to web3 technology.
Borderless Capital, a venture capitalist with roots in web3, is responsible for managing and running the Cross-Chain Ecosystem Fund. Various blockchain teams supporting this initiative include Aptos Labs, Solana Foundation, Sei Foundation, and others like the Moonbeam Foundation and Strangelove.
Renowned investment firms and angel investors have also contributed to the fund, such as Jump Crypto, Polygon Ventures, and notable figures like Tushar Jain and Kyle Samani from MultiCoin GP.
Given the intricate web3 landscape—dominated by a myriad of layer-1 blockchains, layer-2 solutions, and specialized appchains—the Ecosystem Fund's goal is to position Wormhole as the leading standard for cross-chain infrastructure, aiding developers in navigating the limitations posed by isolated ecosystems.
As stated in a recent announcement, its foundational protocol supports the effortless transfer of both value and data across more than 23 high-value chains, with existing adoption from renowned protocols and companies like Uniswap, Circle, and Base from Coinbase.
"The crypto industry, despite being still in its infancy, presents expansive growth opportunities, and collaboration is essential no matter the specific networks we may each favor. It's thrilling to witness such a diverse array of ecosystems and venture firms unite in addressing interoperability challenges by supporting startups that align with the Wormhole cross-chain messaging framework,\" remarked Dan Reecer, Head of Operations at Wormhole Foundation.
Entrepreneurs, developers, and creators eager to access various ecosystems are encouraged to submit applications to the Cross-Chain Ecosystem Fund via wormhole.com/programs. Borderless Capital will review these applications beginning this month.
Cross-chain bridges have emerged as the prime target for security vulnerabilities within DeFi.
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Disclaimer
In line with the Trust Project guidelines Cindy, a journalist at Metaverse Post, focuses on web3, NFT, metaverse, and AI topics, conducting in-depth interviews with key figures in the Web3 space. With discussions already held with over 30 C-suite executives, she is committed to sharing their valuable perspectives with readers. Originally hailing from Singapore, she now resides in Tbilisi, Georgia, and possesses a Bachelor's degree in Communications & Media Studies from the University of South Australia, along with a decade of professional writing and journalism experience.
