Blockchain Developers Have Launched A $50 Million Fund In Order To Increase Adoption Of Wormhole

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A fund worth $50 million has already been launched in order to assist startups that use the cross-chain messaging protocol of Wormhole, according to an announcement made on the 18th of May.

The new fund will be managed by Borderless Capital, a venture capital fund, and will be backed by 20 other blockchain development teams, as well as other venture capital firms- which include Polygon Ventures, Circle, Jump Crypto, and Solana Foundation. This fund will be helping startups that are bringing in cutting-edge apps, tools, or infrastructure that would span multiple ecosystems, according to the information given on the website of Wormhole, which has also been described as anti-maxi, or will be promoting the idea that more than a single blockchain will be needed to solve the problems of the users. 

Blockchain Protocols Will be Helped Through Wormhole

The managing partner and CEO of Borderless Capital, David Garcia, has already stated that he believed that the new blockchain fund would be assisting in the growth of the Web3 economy, whilst allowing applications to herald new users. According to the CEO, the goal was to empower the builders in transcending the limitations of individual ecosystems, which will further pave the way for blockchain protocols and applications in realizing the full potential of the economy. 

Wormhole, for those wondering, is a cross-chain messaging protocol, which allows certain blockchain networks to establish a communication with each other- and is often used to bridge the assets from one network to the other. Other cross-chain messaging protocols include Celer, LayerZero, deBridge, and a few others.