Blockchain Developers to Provide $50 million Fund for Wormhole Adoption

A $50 million Cross-Chain Ecosystem Fund has been launched by a consortium of more than twenty blockchain teams and venture funds. The fund, managed by Borderless Capital, a prominent venture capital firm in the Web3 space, aims to support and foster the growth of new startups utilizing the Wormhole cross-chain messaging protocol. With support from leading blockchain protocols, infrastructure providers, and institutional investors, the fund aims to drive the advancement and adoption of the Web3 industry through investments in cross-chain innovations. Key backers of the Cross-Chain Ecosystem Fund include Jump Crypto, Polygon Ventures, Aptos Labs, Solana Foundation, Sei Foundation, Algorand Foundation, CLabs, the Moonbeam Foundation, Optimism, Circle, and notable individuals such as Tushar Jain and Kyle Samani from MultiCoin GP, among others.

As the Web3 landscape becomes increasingly complex with a multitude of layer-1 blockchains, layer-2 scaling solutions, and specialized appchains serving specific purposes, navigating this ecosystem presents challenges for users and developers alike. The Cross-Chain Ecosystem Fund aims to address these challenges by unlocking the potential of a cross-chain future. By establishing Wormhole as the standard for cross-chain integration, the fund seeks to redefine user experiences and empower developers to transcend the limitations imposed by individual ecosystems. This approach prioritizes key aspects such as aggregation, security, scalability, compatibility, and composability, paving the way for seamless interaction across different blockchain environments.

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“We believe in a borderless Web3 future and are thrilled to have the support of our partners and investors who share our vision. In the same way that in Web2 the value was created through aggregating the relationship with the users we believe that in Web3 this is the natural next step,” said David Garcia, CEO & Managing Partner of Borderless Capital. “Our goal is to empower builders to transcend the limitations of individual ecosystems, paving the way for blockchain applications and protocols to realize their full potential.”

At the core of the Fund’s technological focus is Wormhole, a foundational protocol that facilitates the transfer of value and data across over 23 prominent chains. Wormhole has gained significant traction and is already being utilized by influential 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,” said Dan Reecer, Head of Operations at Wormhole Foundation.

Those seeking to bridge ecosystems, including builders, founders, and developers, can submit their applications to the Cross-Chain Ecosystem Fund through wormhole.com/programs. Starting this month, the fund manager, Borderless Capital, will review the applications.

Source: Businesswire