More than 20 blockchain companies and VC firms have pooled resources to create a $50 million Cross-Chain Ecosystem Fund, which will be managed by Borderless Capital. Several high-profile companies and organisations have put their money into the fund, and they include Aptos Labs, Polygon Ventures, the Solana Foundation, the Algorand Foundation, GSR, and Arrington Capital.
The Ecosystem Fund and Wormhole’s role in the setup
New enterprises that use the Wormhole cross-chain messaging mechanism are the primary target of the ecosystem fund. Additionally, the fund intends to back cross-chain technologies that will fuel the development and widespread use of the Web3 sphere. The key to unlocking the full potential of blockchain apps and protocols is enabling developers to work beyond the confines of specific ecosystems.
The Fund’s primary technology focus is Wormhole, a core protocol for sending and receiving value and data between more than 23 high-value networks. To apply for the Cross-Chain Ecosystem fund on the Wormhole platform, all you have to do is be a builder, entrepreneur, or developer with an eye on expanding into new ecosystems. Beginning this month, Borderless Capital, the fund manager, will start reviewing applications.
The goal of the framework is to make Wormhole the de facto cross-chain standard for developers looking to go beyond the confines of specific ecosystems. This development has an emphasis on aggregated data, security, scalability, compatibility, and composition. Companies and prominent protocols like Uniswap, Circle, and Coinbase’s Base are already utilising Wormhole. Since its inception, the Wormhole network as a whole has enabled the movement of about $35 billion in hundreds of millions of cross-chain messages.
The ecosystem Fund is managed by Borderless, a top-tier Web3-centric investment management organisation. Some of the most important and forward-thinking Web3 communities owe a great deal to the company’s 200+ investments in protocols/companies across infrastructure, business applications, and embryonic cryptographic protocols since 2018.