Aptos Foundation, in collaboration with OKX, has launched a $10 million growth fund to promote blockchain adoption.
In its advance report, the team behind Aptos blockchain and OKX raised $10 million growth funds to onboard more users to the Web3 sector. The funds will be used to support the growth of the Aptos ecosystem and push for the adoption of Web3.
Aptos Network and OKX Raise $10 million Growth Fund for Web3 Projects
Aptos is a layer 1 blockchain that leverages the move programming language to enhance transaction usability, reliability, and security. Its decentralized network has positioned Aptos as the leading blockchain network with high transaction speed and low latency.
With the multimillion-dollar funding, the Aptos Foundation will support an accelerator program dubbed Ankaa that supports the developers building on the Aptos network. The accelerator program will offer adequate venture capital, mentorship, and technical support to eligible projects.
Driven by the desire to support startup growth, the selected projects will have an opportunity to network with professionals from Ankaa, Aptos, and OKX. Through the networking process, qualified individuals gain go-to-market exposure, which is necessary for promoting startup growth.
Significance of Ankaa Accelerator Program
According to the announcement, the first cohort will enroll in the Ankaa program in September. The facilitators, including a panel of Aptos, OKX, and Ankaa judges, will select the best five projects to join the first cohort.
The Ankaa will act as the initial investors for the selected project and oversee the accelerator program’s daily operation.
The Ankaa program will focus on projects in decentralized finance (DeFi), real-world assets (RWA), gaming, artificial intelligence (AI), and decentralized applications (Dapps), among others. In particular, the accelerator program will focus on projects critical to Aptos’ growth.
Subsequently, OKX Ventures will support the realization of innovative ideas that will positively impact the blockchain network. Since 2022, the OKX team has invested in over 300 projects across five continents, seeking to redefine the digital world. The crypto has invested approximately $1 billion in viable projects.
Suitability of Aptos Blockchain Network
An announcement conveyed by OKX Ventures general partner Jeff Ren labels the Aptos network as having immense potential for the digital sector. The executive stated that the Move Programming Language (MPL) has been a game changer for building safe and efficient smart contracts in the DeFi sector.
Ren projects Aptos to rival Ethereum and Bitcoin networks in the next wave of blockchain adoption. Moreover, the OKX team vowed to support the growth of the Aptos network by enhancing the efficiency of critical infrastructure of blockchain and Web3 development.
The executive encouraged interested developers to apply for the Ankaa program. In a subsequent report, the head of Grants and ecosystem at Aptos Foundation, Bashar Lazaar, recognized the efforts made by OKX in promoting the growth of Web3.
The official noted that OKX is an invaluable resource to Aptos. Lazaar stated that Aptos’s vision aligns with OKX’s commitment to supporting innovation and digital space. The executive vowed to utilize OKX resources and insights to accelerate the growth of the Aptos network.
Elsewhere, the chief executive of Aptos Labs, Mo Shaikh, stated that the joint growth fund plays a critical role in promoting the Aptos ecosystem. The CEO projects that the accelerator program will smoothly transition Web2 developers to Web3. The executive confirmed that officials from Aptos will offer blockchain support and advisory services to the Ankaa participants.
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