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Twenty blockchain teams and venture funds have come together to launch a $50 million project Cross Chain Ecosystem Fund focused on startups leveraging the Wormhole cross-chain messaging protocol.
The Cross-Chain Ecosystem Fund is being managed and operated by capital without borders, a venture capital firm in the Web3 space. Backed by leading blockchain protocols, infrastructure providers and institutional investors, the fund aims to support cross-chain innovations that will drive growth and adoption of the Web3 industry.
The 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, MultiCoin GP’s Tushar Jain and Kyle Samani, Arrington Capital, GSR, Floating Point Group, Chainlayer, Chainode Tech, 01Node, Staking Fund, Moonlet.io, Forbole Ventures, Syncnode, Inotel, Triton One, Strangelove, Securitize CEO Carlos Domingo, and OtterSec
among others.
Navigating the Web3 landscape is becoming increasingly challenging due to the proliferation of numerous Layer 1 blockchains, Layer 2 scaling solutions, and specialized application chains with unique purposes and parameters. This complexity poses difficulties for users and alienates developers who are restricted to a single ecosystem, making it difficult for them to grow. The Cross-Chain Ecosystem Fund seeks to unlock the full potential of a cross-chain future, with the goal of redefining user experiences and establishing Wormhole as the cross-chain standard for builders to transcend the limitations of individual ecosystems. This innovation prioritizes aggregation, security, scalability, compatibility, and composition.
“We believe in a borderless Web3 future and are delighted to have the support of our partners and investors who share our vision. In the same way that in Web2 the value was created by adding the relationship with the users, we believe that in Web3 this is the next natural step”, said David García, CEO of Borderless Capital, in a statement. “Our goal is to empower builders to transcend the limitations of individual ecosystems, paving the way for blockchain applications and protocols to reach their full potential.”
Wormhole, the fund’s technology approach, is a foundational protocol that enables cross-chain data and value messaging across more than 23 high-value chains. It has already taken advantage of influential protocols and companies like Uniswap, Circle, and Coinbase Base.
“Crypto is still a nascent industry with essentially limitless growth opportunities, and we shouldn’t do anything but work together, regardless of which specific networks people are most passionate about. It’s really exciting to see so many ecosystems coming together with leading venture funds to solve the interoperability challenge by supporting Wormhole cross-chain startups.
messaging standard,” said Dan Reecer, chief operating officer of the Wormhole Foundation, in a statement.
Builders, founders, and developers looking to reach all ecosystems can apply for the Cross-Chain Ecosystem fund at wormhole.com/programs. Applications will be reviewed by the fund’s administrator, Borderless Capital, beginning this month.
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