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OKX Ventures and Aptos Foundation Establish $10 Million Accelerator Fund to Promote Web3 Development
OKX Ventures, the investment division of the OKX cryptocurrency exchange, along with the Aptos Foundation, has launched a $10 million accelerator fund aimed at projects developed on the Aptos platform.
This fund is designed to enhance widespread adoption of Web3 by fostering the development of infrastructure, social, gaming, and DeFi-related initiatives.
The fund, named Ankaa, will be managed by OKX Ventures and Alcove, the Aptos accelerator that was introduced in November 2023. Chosen ecosystem projects will benefit from venture assistance, mentorship, market exposure, and access to specialists from the partners.
As stated in the official announcement, the accelerator program is set to commence this September with a cohort of five promising projects. A panel of judges from OKX, Ankaa, and Aptos will select the participating projects.
Aptos is a scalable Layer-1 Proof-of-Stake blockchain that utilizes the Move programming language from Facebook META for on-chain transactions.
Jeff Ren, a partner at OKX Ventures, expressed that OKX recognizes significant potential in Aptos due to its implementation of the Move programming language.
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“We are fully dedicated to supporting Aptos ecosystem projects that strengthen the core infrastructure of the blockchain and Web3 sector, and we encourage all interested developers to connect with us.”
In May, Aptos achieved a remarkable milestone with 115.4 million blockchain transactions in a single day, surpassing Solana.
Additionally, applications for the Ankaa accelerator program will open this month, as noted in the announcement.
Aptos Blockchain Launched Stablecoin USDY
The $10 million accelerator fund was announced a day after Aptos revealed the introduction of the stablecoin Ondo US Dollar Yield (USDY). This yield-bearing stablecoin USDY is backed by the US Treasury and will be accessible to non-US residents. However, it has not yet been registered under the US Securities Act.
According to the Ondo website, USDY aims to generate yield on substantial stablecoin holdings, mitigate risks, and minimize intermediaries. It also provides a sustainable yield that compounds automatically, meaning the USD value at which USDY can be minted and redeemed gradually increases each day.
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