A funding worth $50 million has been unveiled to benefit startups that utilise Wormhole cross-chain messaging protocol. The fund will be handled by Borderless Capital, a venture capital fund, and is supported by over 20 other blockchain development companies and venture capital firms, along with Circle, Polygon Ventures, Solana Foundation, Jump Crypto, among others, as stated by Cointelegraph.
According to Cointelegraph, the funding will aid startups that are “innovating cutting-edge apps, infrastructure, or tools that span multiple ecosystems.” Insights from the Wormhole website have outlined the fund as “anti-maxi,” which means that more than one blockchain is required to manage users’ problems.
“Our goal is to empower builders to transcend the limitations of individual ecosystems, paving the way for blockchain applications and protocols to realise their full potential,” David Garcia, CEO and managing partner, Borderless Capital, said.
Moreover, Cointelegraph noted that Wormhole permits different blockchain networks to have communication amongst each other and helps to bridge assets between two networks. Reportedly, Wormhole has expanded its network of partners in the last couple of months.
(With insights from Cointelegraph)