Cross-Chain Ecosystem Fund Raises $50M for Wormhole Protocol

Join gaming leaders at GamesBeat Summit 2023 in Los Angeles on May 22-23. Register here.

Twenty blockchain teams and venture funds have come together to launch the $50 million Cross-Chain Ecosystem Fund, focused on new startups using the Wormhole cross-chain messaging protocol.

The Cross-Chain Ecosystem Fund is managed and operated by Borderless Capital, a venture capital firm in the Web3 space. With the support of blockchain protocols, infrastructure providers and institutional investors, the fund aims to support cross-chain innovations that will drive the growth and adoption of the Web3 industry.

Cross-Chain Ecosystem Fund is backed by Jump Crypto, Polygon Ventures, Aptos Labs, Solana Foundation, Sei Foundation, Algorand Foundation, CLabs (the company behind Celo Blockchain ), Moonbeam Foundation, Optimism, Circle, Tushar Jain of MultiCoin GP and. Kyle Samani, Arrington Capital, GSR, Floating Point Group, Chainlayer, Chainode Tech, 01Node, Staking Fund,, Forbole Ventures, Syncnode, Inotel, Triton One, Strangelove, Securitize CEO Carlos Domingo and OtterSec.
among others.

Navigating the Web3 landscape is increasingly difficult due to the proliferation of multiple layer-1 blockchains, layer-2 scaling solutions, and specialized applications with unique goals and settings. This complexity creates challenges for users and alienates developers who are restricted to a single ecosystem, hindering their growth. The Cross-Chain Ecosystem Fund seeks to unlock the full potential of the cross-chain future, aiming to redefine the user experience and establish Wormhole as the cross-chain standard for builders to overcome the limitations of individual ecosystems. This innovation prioritizes consolidation, security, scalability, compatibility, and composability.


GamesBeat Summit 2023

Join the GamesBeat community in Los Angeles this May 22-23. You’ll hear from some of the brightest minds in the gaming industry to share their updates on the latest developments.

Register here

“We believe in a borderless Web3 future and are excited about the support of our partners and investors who share our vision. Just as value in Web2 was created by aggregating relationships with users, we believe this is the natural next step in Web3,” said David Garcia, CEO of Borderless Capital. “Our goal is to empower builders to overcome the limitations of individual ecosystems, paving the way for blockchain applications and protocols to realize their full potential.”

Wormhole, the foundation’s technology hub, is a foundational protocol that enables cross-chain messaging of value and data across more than 23 high-value chains. It has already been used by influential protocols and companies from Coinbase such as Uniswap, Circle and Base.

“Crypto is still a nascent industry with essentially unlimited growth potential, and we need to do nothing but work 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 come together to solve the interoperability challenge by supporting startups integrating Wormhole’s cross-chain.
messaging standard,” Wormhole Foundation Chief Operations Officer Dan Risser said in a statement.

Builders, founders and developers looking to reach ecosystems can apply to the Cross-Chain Ecosystem Fund at Applications will be reviewed by fund manager Borderless Capital starting this month.

GamesBeat’s Creed when covering the gaming industry “where passion meets business”. What does this mean? We want to tell you what the news means to you, not only as a decision maker at a game studio, but also as a game fan. Whether you’re reading our articles, listening to our podcasts, or watching our videos, GamesBeat helps you learn about and enjoy the industry. Discover our briefings.

Source link