Over two dozen blockchain teams and venture capital entities have come together to initiate a $50 million Cross-Chain Ecosystem Fund. The fund will support and promote budding startups that employ the Wormhole cross-chain messaging protocol.
Borderless Capital, a prominent venture capital firm in the Web3 domain, will manage and operate the fund.
Renowned blockchain protocols, infrastructure providers, and institutional investors back the fund, intending to encourage cross-chain innovations and stimulate the growth and adoption of the Web3 industry.
Significant supporters of the fund include Jump Crypto, Polygon Ventures, Aptos Labs, Solana Foundation, Algorand Foundation, and more.
With the rapid multiplication of layer-1 blockchains, layer-2 scaling solutions, and specialized appchains with distinct functions and parameters, navigating the Web3 landscape is increasingly complex.
These intricacies can daunt users and limit developers to a single ecosystem, inhibiting their growth. The Cross-Chain Ecosystem Fund aspires to unlock a future full of cross-chain potential, aiming to transform user experiences and establish Wormhole as the go-to cross-chain standard for developers to surpass individual ecosystem confines.
This novel approach gives priority to aggregation, security, scalability, compatibility, and composability.
David Garcia, CEO & Managing Partner of Borderless Capital, emphasized their belief in a boundary-free Web3 future, stating, “Our aim is to enable builders to break through the restrictions of individual ecosystems, thereby facilitating blockchain applications and protocols to unleash their full potential.”
Wormhole, the pivotal technological focus of the Fund, is a fundamental protocol that facilitates cross-chain messaging of value and data across more than 23 high-value chains. Major protocols and companies such as Uniswap, Circle, and Base from Coinbase have already adopted Wormhole.
Dan Reecer, Head of Operations at Wormhole Foundation, expressed excitement about the convergence of diverse ecosystems and leading venture funds to address the interoperability challenge by supporting startups that integrate Wormhole’s cross-chain messaging standard.
Interested builders, founders, and developers looking to expand across ecosystems can submit applications to the Cross-Chain Ecosystem fund at wormhole.com/programs. Borderless Capital will begin reviewing applications starting this month.
BusinessNewsAsia