Three popular altcoin projects join forces for a new cross-chain mutual fund. The MATIC, ALGO and SOL teams will be the biggest supporters of the investment of up to 50 million dollars.
MATIC joins forces with ALGO and SOL
Fund manager Borderless Capital launched the Cross Chain Ecosystem Investment Fund on Thursday. The fund focuses on startups that leverage the Wormhole cross-chain messaging protocol.
According to recent announcements, the organizations behind Algorand, Solana and Polygon will provide $50 million in support to the fund. Other investors include Aptos Labs, Circle, Jump-Crypto and a number of key players in the market.
It's time to make building in crypto more accessible than ever before.
Introducing the $50m Cross-Chain Ecosystem Fund, powered by Wormhole! 💎 pic.twitter.com/y3VeCsUrSa
— Wormhole🌪 (@wormholecrypto) May 18, 2023
Contributors of Borderless’s new fund include some of today’s most popular projects. The common feature of the projects is their focus on cross-chain interoperability. This cooperation also signals that projects can be embarked on new collaborations in the future.
“Crypto has essentially unlimited growth opportunity,” said Dan Reecer, Head of Operations for the Wormhole Foundation. It is still an emerging industry. “Regardless of which particular networks individuals may be more passionate about, we should do nothing more than work together.”
What is a wormhole?
Wormhole is a cross-chain messaging protocol designed to power Web3 applications. Connects liquidity and users across more than 20 leading Blockchain networks. This enables use cases covering DeFi, NFTs, gaming and more.
One of the most popular interoperability frameworks, Wormhole has been used by companies like Circle and Uniswap to bridge tokens from one Blockchain2 to another. According to a press release, Wormhole has already powered over $35 billion in token transfers.
Messaging protocols like Wormhole offer a more connected future for today’s fragmented blockchain ecosystem. But until now, security issues have plagued crypto bridges. The hackers seized hundreds of millions of dollars as a result.
cryptocoin.comOne of the attacks, which we have reported as, caused the loss of 120 thousand wETH.
About Borderless Capital
The fund manager announced the launch of the Cross Chain Ecosystem Investment Fund on Thursday. Borderless is a leading investment management firm focused on Web3 technology. The company drives the development of breakthrough technologies aimed at creating unlimited value. It consists of a team that seeks to unlock the potential of open, community-driven networks by adopting a long-term vision.
Since 2018, it has invested in more than 200 protocols and companies. It also contributes to the development of important and innovative Web3 communities. The company’s new fund will receive support from numerous investors, especially MATIC and SOL.
1/ At Borderless, we believe that the most promising web3 technologies have the power to disrupt industries and revolutionize the way networks and infrastructure are created. That’s why we’re proud to support the growth of #DePIN – Decentralized Physical Infrastructure.
— Borderless (@borderless_cap) May 17, 2023
Finally, with the emergence of the new investment vehicle, crypto developers have more incentive to solve Wormhole’s cross-chain security challenges.
