Miami-based venture capital firm Borderless Capital is leading a new $50 million fund that will support projects which focus on building cross-chain innovations, according to a press release.
The fund will be powered by Wormhole, a decentralized message-passing protocol that connects blockchains, enabling them to communicate with each other. The portfolio companies invested by the fund will thus be able to closely collaborate and work with Wormhole as their cross-chain solution, according to Borderless Capital.
“Navigating the Web3 landscape is becoming increasingly challenging due to the proliferation of numerous layer-1 blockchains, layer-2 scaling solutions, and specialized appchains with unique purposes and parameters,” said the press release. “This complexity poses difficulties for users and alienates developers who are restricted from accessing a single ecosystem, hindering their growth.”
The fund is also being backed by Jump Crypto, Arrington Capital, Polygon Ventures, MultiCoin GP’s Tushar Jain and Kyle Samani, the Solana Foundation and Aptos Labs among others.
Recommended for you:
- Crypto Analysts Split on Ether Market Trends After Ethereum’s Shanghai Upgrade
- Former CFTC Chair Timothy Massad Among Witnesses for House Crypto Hearing
- Musk’s Milady Göğüs, Opening Up Ordinals
“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,” said Dan Reecer, head of operations at the Wormhole Foundation.