Borderless Takes Lead In $50 mn Cross-Chain Fund
According to a press release, a venture capital company with headquarters in Miami called Borderless Capital is in charge of a new $50 million fund that will assist initiatives that are aimed at creating cross-chain technologies.
The fund will run on Wormhole, a decentralised message-passing technology that links blockchains and allows them to communicate with one another. According to Borderless Capital, this will enable the fund’s portfolio firms to closely cooperate and use Wormhole as their cross-chain solution.
The emergence of various layer-1 blockchains, layer-2 scaling solutions, and specialised appchains with distinct intents and parameters, according to the press release, has made it more difficult to navigate the Web3 ecosystem. “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.
(With inputs from Shikha Singh)
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