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OKX Ventures, the VC arm of crypto exchange OKX, and Aptos Foundation, the organization behind the Aptos layer 1 blockchain, have launched a $10 million ecosystem growth fund.
The initiative aims to accelerate the growth of the Aptos blockchain ecosystem and promote widespread adoption of Web3 technologies. The fund will primarily support an accelerator program, operated in partnership with Ankaa, focusing on nurturing quality projects and applications built on the Aptos blockchain, the companies said in a press release.
Aptos, a scalable Layer 1 Proof-of-Stake blockchain, utilizes the Move programming language to enhance the reliability, usability, and security of on-chain transactions.
Jeff Ren, Head of OKX Ventures, told Decrypt that DeFi holds the most untapped potential on the Aptos blockchain, citing the blockchain's inherent strengths in secure and efficient smart contracts.
He also expressed enthusiasm for the prospects in Real World Assets (RWA) and GameFi sectors. Ren also highlighted the growing importance of AI integration in blockchain technology.
"AI's integration with blockchain technology, especially on platforms like Aptos, is set to revolutionize the industry," he said.
OKX Ventures has already invested in projects like decentralized machine learning protocol Flock.io and AI app creation platform MyShell, underscoring their commitment to fostering AI and blockchain synergy.
Regarding the challenges and opportunities for RWA projects on newer Layer 1 blockchains, like Aptos, Ren acknowledged the hurdles in achieving widespread adoption and trust.
However, he emphasized the potential for rapid innovation and robust security measures, particularly highlighting Aptos's use of the Move programming language as crucial for ensuring transaction reliability and asset integrity in RWA projects.
Ren also stressed the critical importance of interoperability for emerging Layer 1 platforms.
"Interoperability is absolutely essential for the success of emerging Layer 1 platforms in the blockchain ecosystem," he said, emphasizing how cross-chain capabilities can drive greater adoption and trust in platforms like Aptos.
Over the past two years, the investment arm has invested in over 300 projects across five continents with a fund size of approximately $1 billion.
Edited by Stacy Elliott.