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Finance

OKX Ventures, Aptos Foundation Initiate $10M Fund for the Move-Based Layer-1 Ecosystem

The fund will be used to develop an accelerator program for projects built on Aptos.

By Jamie Crawley
AccessTimeIconAug 1, 2024 at 8:00 a.m. UTC
Aptos founders Mo Shaikh, left, and Avery Ching (Aptos Labs)
Aptos founders Mo Shaikh, left, and Avery Ching (Aptos Labs)
  • Aptos is a layer-1 blockchain that uses Facebook's Move programming language.
  • One of its goals is to bridge the gap between DeFi and institutions from the worlds of traditional finance and business.
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    • The venture arm of cryptocurrency exchange OKX and the Aptos Foundation, which supports the development of the Aptos protocol, set up a $10 million fund to encourage the growth of the Aptos ecosystem and broader adoption of Web3.

    The accelerator fund, named Ankaa, will be used to develop projects built on Aptos, according to an emailed announcement. Ankaa will be run by Aptos, OKX Ventures and Alcove, Aptos' accelerator established last November.

    The fund's main focus will be on projects around decentralized finance (DeFi), real-world assets (RWA), gaming, social and AI.

    Aptos is a layer-1 blockchain that uses Facebook's (META) Move programming language to execute transactions on-chain in an easy and reliable way. One of its goals is to bridge the gap between DeFi and institutions from the worlds of traditional finance and business.

    In April, the Apotos developers said they were working with Microsoft, Brevan Howard and South Korean wireless telecommunications operator SK Telecom to offer institutions an entry point to DeFi.

    Read More: Aptos Integrates Chainlink's CCIP and Data Feeds to Boost Decentralized App Development

    Edited by Sheldon Reback.



    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Jamie Crawley
    Jamie Crawley

    Jamie Crawley is a CoinDesk news reporter based in London.

    Follow @JamieCrawleyCD on Twitter