Business News Report
May 18, 2023

Major Blockchain Players and Venture Firms Join Forces for $50M Cross-Chain Ecosystem Fund

Major Blockchain Players and Venture Firms Join Forces for $50M Cross-Chain Ecosystem Fund

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.

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Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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Cindy Tan
Cindy Tan

Cindy is a journalist at Metaverse Post, covering topics related to web3, NFT, metaverse and AI, with a focus on interviews with Web3 industry players. She has spoken to over 30 C-level execs and counting, bringing their valuable insights to readers. Originally from Singapore, Cindy is now based in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and has a decade of experience in journalism and writing. Get in touch with her via [email protected] with press pitches, announcements and interview opportunities.

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