Venture capital fund Borderless Capital has teamed up with over 20 blockchain development teams and venture capital firms, including Circle, Polygon Ventures, and Solana Foundation, to launch a $50 million fund for startups using the Wormhole cross-chain messaging protocol. The fund aims to grow the Web3 economy and help applications attract new users. It will provide support to startups creating innovative apps, infrastructure, or tools that span multiple ecosystems. The Wormhole protocol enables different blockchain networks to communicate with each other, bridging assets and expanding network partnerships. Notably, Wormhole was chosen by Uniswap as the official bridging protocol and integrated with Circle’s Cross-Chain Transfer Protocol in recent partnerships. However, Wormhole’s Solana bridge was hacked in February 2022, leading to $321 million in losses, raising concerns about the protocol’s security.
“At Borderless Capital, our goal is to empower builders to transcend the limitations of individual ecosystems, paving the way for blockchain applications and protocols to realize their full potential,” said David Garcia, CEO and Managing Partner of Borderless Capital. The fund has an “anti-maxi” approach, promoting the idea that more than one blockchain is needed to solve users’ problems. The application form to apply for the fund is available on the Wormhole website, which highlighted the need for more cross-chain solutions to transcend single-ecosystem limitations.