OKX Partners with Aptos to Launch $10 Million Fund to Boost Ecosystem
OKX is teaming up with Aptos to launch a $10 million fund aimed at accelerating the Aptos ecosystem.
As of August 1, 2024, cryptocurrency exchange OKX has announced that its investment arm, OKX Ventures, is collaborating with the Aptos Foundation—the entity behind the Aptos layer-1 blockchain—to establish a $10 million ecosystem fund.
The newly established fund, named Ankaa, will be dedicated to developing and scaling an accelerator program to support high-quality decentralized applications (dApps) built on Aptos’s Move programming language.
Ankaa will be managed by Aptos, OKX Ventures, and Alcove—a separate accelerator created through the collaboration between Aptos Foundation and Alibaba Cloud in November 2023.
Ankaa will primarily focus on supporting projects related to DeFi, Real World Assets (RWA), GameFi, infrastructure, Web3 social networks (SocialFi), and artificial intelligence (AI). The fund is expected to announce its first five selected projects in September.
Calling all BUILDers 💪@OKX_Ventures and @aptos announced a new $10m fund and accelerator dedicated to advancing innovation in Web3.
— OKX (@okx) August 1, 2024
The accelerator will support key projects that are critical to the evolution and growth of the ecosystem.
More 👇https://t.co/oWnpG3CFZp pic.twitter.com/J309qRHJ4o
Aptos is a layer-1 blockchain that uses the Move programming language—a language initially developed for Meta’s (formerly Facebook) now-defunct Diem stablecoin project—to facilitate easy and reliable on-chain transactions. One of Aptos’s goals is to bridge the gap between DeFi and traditional financial institutions and businesses.
In April, Aptos developers revealed collaborations with Microsoft, Brevan Howard, South Korean mobile telecom operator SK Telecom, and Boston Consulting Group to build the Aptos Ascend digital asset management platform for financial institutions.
Amid recent efforts to enhance its presence in the blockchain community, including proposals to integrate Aave V3 and the launch of the JamboPhone, BitMEX co-founder Arthur Hayes predicts that Aptos may soon surpass Solana in the upcoming cycle. Indeed, by May 2024, Aptos's network volume had surpassed Solana to become the most traded layer-1 blockchain in a single day.
At the time of this writing, the APT token is trading around $6.34, reflecting the broader crypto market’s downturn due to ongoing Middle Eastern conflicts.
4-hour Chart of APT/USDT on Binance at 04:25 PM on August 1, 2024
