OKX Ventures, the investment arm of the OKX crypto exchange, in collaboration with the Aptos Foundation, has launched a $10 million accelerator fund to support projects built on the Aptos blockchain. This initiative aims to accelerate Web3 adoption by fostering the development of infrastructure, social, gaming, and DeFi-related projects.
Ankaa Accelerator Fund
The newly established fund, named Ankaa, will be managed by OKX Ventures and Alcove, the Aptos accelerator initiated in November 2023. Ankaa will provide selected projects with venture support, mentorship, market exposure, and access to industry experts. The program will commence in September with a cohort of five promising projects chosen by a panel of judges from OKX, Ankaa, and Aptos.
Aptos is a scalable Layer-1 Proof-of-Stake blockchain that utilizes Facebook META’s Move programming language for on-chain transactions. Jeff Ren, a partner at OKX Ventures, expressed enthusiasm about Aptos’ potential due to its use of the Move programming language.
“We’re fully committed to supporting Aptos ecosystem projects that enhance the fundamental infrastructure of the blockchain and Web3 space, and warmly welcome all interested developers to reach out to us,” Ren stated.
Record-Breaking Transactions and Accelerator Applications
In May, Aptos set a new record with an astounding 115.4 million blockchain transactions in a single day, surpassing Solana. Applications for the Ankaa accelerator program will begin this month, as per the official announcement.
Launch of Stablecoin USDY
The announcement of the $10 million accelerator fund follows Aptos’ recent launch of the stablecoin Ondo US Dollar Yield (USDY). Backed by the US Treasury, USDY is a yield-bearing stablecoin available to non-US residents. Although not yet registered under the US Securities Act, USDY aims to provide yield on large stablecoin holdings while minimizing risks and reducing intermediaries. According to the Ondo website, USDY offers sustainable yield that compounds automatically, increasing the value at which USDY can be minted and redeemed daily.
This strategic partnership between OKX Ventures and the Aptos Foundation marks a significant step toward advancing Web3 technologies and broadening the ecosystem’s reach.
Powered by Crypto Expert BD
Follow us on Twitter: https://x.com/CryptoExpert_BD
Join our Telegram channel: https://t.me/CryptoExpert_BD
