Polygon, Solana, Algorand Join Forces for $50M Cross-Chain Investment Fund

2023-5-21 13:30

The organizations behind Algorand (ALGO), Solana (SOL), and Polygon (MATIC) have joined forces to create a new 50 million USD cross-chain investment fund.

The fund manager, Borderless Capital, launched the Cross-Chain Ecosystem Investment Fund on Thursday. It is focused on investing in startups that leverage the Wormhole cross-chain messaging protocol.

Borderless Backs Cross-Chain Developers

The Algorand Foundation, the Solana Foundation, and Polygon Ventures are all participating in the fund. Other investors include Aptos Labs, Circle, Jump Crypto, and a number of key players in the space.

Together, participants in Borderless’ new fund represent major stakeholders in some of the most popular blockchains today. By teaming up in the name of cross-chain interoperability, participants are signaling their willingness to collaborate on projects that span diverse networks.

Dan Reecer, Head of Operations at Wormhole Foundation, commented:

“Crypto is still a nascent industry with essentially limitless growth opportunity, and we should be doing nothing but working together, regardless of which specific networks individuals may be more passionate about,”

Wormhole has invited startups to apply for investment on its website.

What is Wormhole?

Wormhole is a cross-chain messaging protocol designed to power Web3 applications. It connects liquidity and users across over 20 of the leading blockchain networks, enabling use cases spanning DeFi, NFTs, gaming and more.

As one of the most popular interoperability frameworks, Wormhole has been used by the likes of Circle and Uniswap to bridge tokens from one blockchain to another. According to a press release, Wormhole has already powered the transfer of over 35 billion dollars worth of tokens.

A variety of cross-chain applications have also been built using the platform.

Security Needed in Cross-Chain Development

Cross-chain messaging protocols like Wormhole propose a more connected future for today’s fragmented blockchain ecosystem. But to date, security issues have plagued crypto bridges. Hackers have taken hundreds of millions of dollars as a result.

For example, Wormhole’s Ethereum–Solana bridge was exploited to the tune of 120,000 wrapped ETH (wETH) in February 2022.

But to their credit, Wormhole’s backers stepped in to replace the stolen funds. And after the venture capital firm behind the project coughed up the missing crypto, Wormhole launched a major bug bounty program to help prevent future exploits.

Within months, the program had proved its worth. And in May, Wormhole awarded 10 million USD to the white hat hacker Satya0x for uncovering another critical vulnerability. 

Going forward, if Wormhole is to become the cross-chain messaging standard of choice for blockchain developers, it must continue emphasizing security. Especially considering the competition from alternative solutions such as Chainlink’s Cross-Chain Interoperability Protocol (CCIP).

Finally, with the advent of the new investment vehicle, crypto developers have more incentive to solve Wormhole’s cross-chain security challenges.

The post Polygon, Solana, Algorand Join Forces for $50M Cross-Chain Investment Fund appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Algorand (ALGO) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0.0958887
Капитализация $0 Rank 99999
Цена в час новости $ 0.1645 (-100%)

investment polygon cross-chain fund solana algorand 50m

Источник: beincrypto.com

investment polygon → Результатов: 68


Future of Crypto Investment in Precious Metals Shows Promise with Sparklo (SPRK) Over Polkadot (DOT) and Polygon (MATIC)

Polkadot (DOT) and Polygon (MATIC) are three projects that are gaining attention in the cryptocurrency space. Sparklo’s investment platform allows fractionalized investments in precious metals, while Polkadot (DOT) is a blockchain platform that aims to provide interoperability between blockchains.

2023-4-24 11:34


дальше еще 19 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Crypto startups secure $691 million in venture capital during September

Venture capital (VC) funds invested over $659 million in crypto startups last month, representing a 3% increase compared to August, according to DefiLlama data. The blockchain gaming sector grew for the second consecutive month, with VC funds pouring $63 million into blockchain titles, marking a 32% monthly growth.

Is Bitcoin Mining Worth It?

Crypto Fundamentals: A quick guide on how to calculate your costs, ROI and potential profitability to see if Bitcoin mining is worth it for you. The post Is Bitcoin Mining Worth It? appeared first on CoinCentral.

VC funding for crypto startups soars to $634M in August

Venture capital (VC) funds invested $634 million in crypto startups in August — up 15% from July, based on DefiLlama data. Projects focusing on blockchain infrastructure secured nearly $460 million in funding, accounting for 72% of the total raised by crypto startups last month.

Web3 gaming platform Sandbox drops valuation by $3 billion as it raises $20 million

The Sandbox, a subsidiary of Animoca Brands, has announced a $20 million funding round at a $1 billion valuation cap aimed at expanding its creator economy within the open metaverse. This strategic funding, led by Kingsway Capital and Animoca Brands with participation from LG Tech Ventures and True Global Ventures, will support The Sandbox’s vision […] The post Web3 gaming platform Sandbox drops valuation by $3 billion as it raises $20 million appeared first on CryptoSlate.