OKX Ventures and Aptos Foundation Introduce $10M Ecosystem Growth Fund
Timothy Morano Aug 01, 2024 12:11
OKX Ventures and Aptos Foundation have announced a $10M fund to support the growth of the Aptos ecosystem and Web3 adoption.
OKX Ventures, the investment arm of leading crypto exchange and Web3 technology company OKX, and Aptos Foundation have jointly launched a new $10 million fund aimed at accelerating the growth of the Aptos ecosystem and promoting the adoption of Web3 technologies, according to OKX Ventures.
Accelerator Program to Foster Innovation
The newly established fund will be utilized to develop an accelerator program in partnership with Ankaa. This program is designed to foster the growth of quality projects and applications built on Aptos, a scalable Layer 1 Proof-of-Stake (PoS) blockchain that employs the Move programming language to enhance the reliability, usability, and security of on-chain transactions. Selected projects will receive venture support, mentorship, market exposure, and access to the expansive networks of OKX, Ankaa, and Aptos Foundation.
A panel comprising representatives from the Aptos Foundation, OKX Ventures, and Ankaa will select five promising projects for the inaugural cohort of the accelerator, which is set to commence in September. Ankaa will act as the primary investor and manage the daily operations of the accelerator. The initial focus areas include infrastructure, decentralized finance (DeFi), real-world assets (RWA), gaming, social applications, artificial intelligence (AI), and other decentralized applications (dApps) critical to the advancement of the Aptos ecosystem and Web3.
Strategic Investments and Long-term Vision
Over the past two years, OKX Ventures has invested in over 300 projects across five continents, with a fund size of approximately $1 billion. This partnership with Aptos Foundation underscores OKX Ventures' commitment to supporting cutting-edge blockchain innovations and high-quality projects, with an aim to generate long-term value for the ecosystem.
Jeff Ren, Partner at OKX Ventures, expressed his optimism about the potential of Aptos, particularly due to its use of the Move programming language, which he described as a game-changer for creating secure and efficient smart contracts in the DeFi space. Ren highlighted the importance of supporting projects that enhance the fundamental infrastructure of the blockchain and Web3 space.
Expert Insights and Ecosystem Growth
Bashar Lazaar, Head of Grants and Ecosystem at Aptos Foundation, emphasized the value of OKX Ventures' extensive network and expertise in the Web3 space. Lazaar noted that the partnership aligns perfectly with Aptos Foundation's vision for the Aptos ecosystem and its commitment to fostering innovation and growth.
Mo Shaikh, CEO of Aptos Labs, added that the joint ecosystem growth fund and accelerator would be instrumental in establishing Aptos as a leading Layer 1 blockchain, capable of proving out use cases and onboarding Web2 developers into Web3.
Applications and Future Prospects
Applications for the Ankaa accelerator program are set to open in August. OKX Ventures, Aptos Foundation, and Ankaa encourage interested developers and projects to connect with their teams for potential collaboration and support.
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