Top blockchain teams and venture funds, including Algorand Foundation, Arrington Capital, and others, have come together to establish a $50 million cross-chain ecosystem fund.
Managed by Borderless Capital, the fund is aimed at supporting and nurturing startups leveraging the Wormhole cross-chain messaging protocol. This collaboration of leading crypto teams and institutional investors seeks to drive cross-chain innovations and propel the growth of the web3 industry.
Forging alliances for web3 innovation
According to a press release, over twenty influential blockchain teams and venture funds, including Polygon Ventures, Solana Foundation, and others, have joined forces to create a $50 million cross-chain ecosystem fund, signaling a strong commitment to advancing cross-chain capabilities within the crypto industry.
The fund is managed and operated by Borderless Capital, a renowned venture capital firm specializing in web3 technology. It aims to foster the development of startups that harness the potential of the Wormhole cross-chain messaging protocol.
The cross-chain ecosystem fund represents a collective effort by leading crypto teams and institutional investors to overcome the challenges posed by the expanding web3 landscape.
With the proliferation of diverse layer-1 blockchains, layer-2 scaling solutions, and specialized appchains, developers and users face increasing difficulties navigating and connecting across different ecosystems.
This initiative seeks to address these hurdles by unlocking the full potential of cross-chain functionality, enabling seamless collaboration and interoperability between various blockchain networks.
Empowering web3 builders
Borderless Capital is an investment management firm that specializes in web3 technology, focusing on supporting emerging innovators in the borderless value creation space.
The firm consists of a team of builders, partners, and investors who take a long-term approach to their investments.
Since 2018, Borderless Capital claims to have made investments in over 200 protocols and companies within the web3 ecosystem, covering infrastructure, business applications, and nascent cryptographic protocols.
Wormhole is a cross-chain messaging protocol in the web3 industry. It enables developers to access liquidity and users across more than 20 established blockchain networks, facilitating various use cases such as decentralized finance (DeFi), non-fungible tokens (NFTs), and governance.
Wormhole’s messaging layer supports a range of products, including the Wormhole Connect widget that can be integrated with just a few lines of code.
Trusted by established crypto market participants like Circle and Uniswap, Wormhole has facilitated the transfer of over $35 billion through millions of cross-chain messages.
The cross-chain ecosystem fund powered by Wormhole strives to redefine user experiences and establish Wormhole as the de facto standard for cross-chain communication and interoperability.
By prioritizing aggregation, security, scalability, compatibility, and composability, the fund aims to empower builders to transcend the limitations imposed by individual ecosystems. This initiative represents a significant step toward unlocking the full potential of blockchain applications and protocols.
David Garcia, CEO & Managing Partner at Borderless Capital, expressed his excitement about the collaborative effort, emphasizing their shared vision of a borderless web3 future.
He believes that the value creation in web3 lies in aggregating user relationships, similar to the web2 era, and views this initiative as a natural progression toward empowering builders to transcend individual ecosystem boundaries.
Despite the regulatory uncertainties plaguing the web3 ecosystem, across various jurisdictions, coupled with the crypto market turmoil, initiatives like the new cross-chain ecosystem fund will no doubt accelerate blockchain innovation and ultimately contribute its bit to the industry’s march towards mainstream adoption.
