$50M Cross-Chain Fund Launched by Crypto Teams & VCs19. May 2023
• Leading crypto teams and venture funds have launched a $50 million cross-chain ecosystem fund, managed by Borderless Capital.
• The Cross-Chain Ecosystem Fund aims to support startups leveraging the Wormhole cross-chain messaging protocol.
• Investors include Jump Crypto, Aptos Labs, Polygon Ventures, Solana Foundation, Algorand Foundation, GSR and Arrington Capital.
Cross-Chain Ecosystem Fund Launched
Leading crypto teams and venture funds have teamed up to launch a $50 million cross-chain ecosystem fund focused on backing and growing new startups that leverage the Wormhole cross-chain messaging protocol. The Cross-Chain Ecosystem Fund is being managed and operated by Borderless Capital, a leading venture capital firm in the Web 3.0 space.
The fund is backed by top blockchain protocols, infrastructure providers and institutional investors including Jump Crypto, Polygon Ventures, Aptos Labs, Solana Foundation, Sei Foundation, Algorand Foundation, CLabs (the company behind the Celo Blockchain), the Moonbeam Foundation, Optimism Circle and MultiCoin GP’s Tushar Jain & Kyle Samani as well as Arrington Capital GSR Floating Point Group Chainlayer Chainode Tech 01Node Staking Fund Moonlet.io Forbole Ventures Syncnode Inotel Triton One Strangelove Securitize’s CEO Carlos Domingo & OtterSec among others.
Objectives of the Fund
Navigating the Web 3.0 landscape is becoming increasingly challenging due to the proliferation of numerous layer one blockchains layer two scaling solutions & specialized appchains with unique purposes & parameters. This complexity poses difficulties for users & alienates developers who are restricted from accessing a single ecosystem hindering their growth. The Cross-Chain Ecosystem Fund seeks to unlock the full potential of a cross-chain future aiming to redefine users’ experiences & establish Wormhole as the cross-chain standard for builders to transcend the limitations of individual ecosystems prioritizing aggregation security scalability compatibility & composability.
Quote from CEO
David Garcia CEO & managing partner of Borderless Capital said “We believe in a borderless Web 3.0 future & are thrilled to have the support of our partners & investors who share our vision In the same way that in Web 2.0 value was created through aggregating relationship with users we believe that in Web 3 0 this is th”
This new initiative will open up many opportunities for developers and users alike as they can now access multiple ecosystems with ease while also benefiting from increased security scalability compatibility and composability thanks to its focus on aggregating data across different blockchains increasing adoption of web 3 0 technology