Aptos reveals $10m ecosystem growth fund with support from OKX Ventures

Aptos Foundation has announced the creation of a new $10 million fund to support blockchain projects in collaboration with OKX’s venture arm.

The Aptos Foundation has announced the launch of a $10 million fund in collaboration with OKX Ventures aimed at supporting projects on the Aptos blockchain.

The joint fund, called Ankaa, will be used to develop an accelerator program designed to support the growth of projects built on the Aptos blockchain, according to an Aug. 1 press release. OKX Ventures says the accelerator will provide venture support to select projects, as well as “focused mentorship, go-to-market experience, and access to an extensive network of experts.”

“Under the leadership of OKX and the Aptos Foundation, this joint ecosystem growth fund and accelerator will be critical to establishing Aptos as a Move-based layer 1, eliminating difficult use cases, and bringing web2 developers into web3.”

Aptos Labs CEO Mo Shaikh

The fund’s initial focus will be on areas such as infrastructure, decentralized finance, real-world assets, gaming, social platforms, and artificial intelligence. However, it remains open to other decentralized applications deemed “critical to the growth and evolution of the Aptos ecosystem and web3 at large.”

Jeff Ren, partner at OKX Ventures, noted the “tremendous potential” in Aptos, describing the Move programming language as “a game-changing language for building secure and efficient smart contracts.”

Despite the news, (APT) traded down 4% to $6.33, according to data from crypto.news. The decline came as the ecosystem prepares to unlock over 11.3 million APT on August 12, representing over 2.4% of its circulating supply, according to Token Unlocks data.