Wormhole Established an Ecosystem Development Fund

Wormhole established an ecosystem development fund

According to an announcement on December 26, Wormhole announced a plan to cooperate with more than 20 organizations to jointly provide an amount of 50 million USD for potential projects, helping them become an important part of the world in this cross-chain ecosystem.

Building a multi-chain app on Wormhole? Apply to the $50M Cross-Chain Ecosystem Fund!

Managed by @borderless_cap, the fund is an “anti-maxi” initiative backed by investors who believe in a multi-chain future.

Read more. ⬇️https://t.co/K4LpstQ85K

— Wormhole (@wormholecrypto) December 26, 2023

Wormhole’s “Open Door” program is targeting founders and developers who need capital to build important and useful platforms, infrastructure, or tools for users across multiple ecosystems different.

Wormhole established this fund through contributions from more than 20 blockchain organizations and venture capital funds. Borderless Capital takes on the role of managing and operating the fund, with the participation of partners such as Jump Crypto, Polygon Ventures, Aptos Labs, Solana Foundation, Algorand Foundation, GSR, Arrington Capital, and many others. To apply for funding, you can visit wormhole.com/programs.

Wormhole is a cross-chain infrastructure solution, which has been deployed since August 2021. However, in February 2022, the project experienced an attack with losses reaching a record 320 million USD. Jump Crypto has compensated the victims of this hack. However, a difficult period followed as Jump Crypto faced charges from the SEC.

At that time, the SEC wanted to clarify Jump Crypto’s role in the first depeg event of stablecoin UST in 2021. Apparently, the relationship between Jump and Wormhole had become strained, and this cross-chain bridge was active. independent since the end of November this year.

However, Wormhole is undergoing an active recovery. At the end of November, the platform announced it had successfully raised $225 million, becoming the crypto project with the largest capital raising scale in 2023.