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Solana Foundation Joins Top Crypto Teams & Investors to Launch $50 Million Cross-chain Fund

By: illustrious
May 18, 2023 9:46 AM EDT
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A consortium of over twenty blockchain teams and venture funds has announced the launch of a $50 million Cross-Chain Ecosystem Fund aimed at supporting startups leveraging the Wormhole cross-chain messaging protocol. Managed by Borderless Capital, a prominent venture capital firm in the Web3 space, the fund has secured investments from Solana Foundation, Jump Crypto, Aptos Labs, Polygon Ventures, Algorand Foundation, GSR, Arrington Capital, and other institutions.

The Cross-Chain Ecosystem Fund seeks to address the challenges of navigating the complex Web3 landscape, which comprises various layer-1 blockchains, layer-2 scaling solutions, and specialized appchains. This complexity can hinder user experiences and limit developers' access to specific ecosystems. By promoting cross-chain innovations, the fund aims to unlock the full potential of a borderless Web3 future and establish Wormhole as the standard protocol for builders to transcend individual ecosystem limitations. The fund prioritizes aggregation, security, scalability, compatibility, and composability.

Wormhole, the technological focus of the fund, enables cross-chain messaging of value and data across more than 23 high-value chains. It has already gained adoption by influential protocols and companies such as Uniswap, Circle, and Base from Coinbase.

David Garcia, CEO & Managing Partner of Borderless Capital, expressed excitement about the fund and its vision for a borderless Web3 future. He emphasized the importance of empowering builders to transcend ecosystem limitations, enabling blockchain applications and protocols to realize their full potential.

The interoperability challenge within the crypto industry is a significant focus of the fund. By supporting startups that integrate Wormhole's cross-chain messaging standard, the fund aims to unite various ecosystems and solve the interoperability challenge. Dan Reecer, Head of Operations at Wormhole Foundation, expressed enthusiasm for the collaboration, highlighting the limitless growth opportunities in the nascent crypto industry.

Builders, founders, and developers interested in expanding across ecosystems can apply to the Cross-Chain Ecosystem Fund through here. Borderless Capital will review the applications starting this month.

Borderless Capital, the fund manager, is a leading investment management firm dedicated to supporting Web3 technology. They focus on backing innovators driving the development of groundbreaking technologies that enable borderless value creation. Since 2018, Borderless has invested in over 200 protocols/companies across infrastructure, business applications, and cryptographic protocols, playing a vital role in the development of significant Web3 communities.

For more information about Borderless Capital and their investments, please visit their website.

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