OKX Ventures, Aptos Foundation Create $10M Accelerator Fund to Further Web3 Adoption

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Sujha Sundararajan

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Sujha Sundararajan

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Last updated: 

August 1, 2024

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OKX Ventures, the investment arm of OKX crypto exchange, and Aptos Foundation have initiated a $10 million accelerator fund for projects built on Aptos.

The fund aims to bolster widespread Web3 adoption by supporting the growth of infrastructure, social, gaming and DeFi-related projects.

OKX Ventures and Alcove, the Aptos’ accelerator launched in November 2023, will run the fund – dubbed Ankaa. Selected ecosystem projects will receive venture support, mentorship, go-to-market exposure, and access to experts from the partnres.

According to the official announcement, the accelerator program will begin this September with a cohort of five promising projects. A jury of judges from OKX, Ankaa and Aptos will be choosing the participant projects.

Aptos is a scalable Layer-1 Proof-of-Stake blockchain that uses the Facebook META’s Move programming language for on-chain transactions.

Jeff Ren, partner of OKX Ventures, said that OKX sees immense potential in Aptos 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.”

In May, Aptos set a new record of astounding 115.4 million blockchain transactions in a single day, surpassing Solana.

Further, the applications for Ankaa accelerator program will begin this month, the announcement added.

Aptos Blockchain Launched Stablecoin USDY

The $10 million accelerator fund arrives a day after Aptos announced the launch of stablecoin Ondo US Dollar Yield (USDY). The US Treasury backs the yield-bearing stablecoin USDY, an instrument that will be available to non-US residents. However, the stablecoin is not yet been registered under the US Securities Act.

Per the Ondo website, USDY would help earn yield on large stablecoin holdings, eliminates risks and reduces intermediaries. It also offers sustainable yield, which automatically compounds. This means the value in USD at which USDY can be minted and redeemed slowly increases each day.