OKX Ventures and Aptos Foundation team up to launch $10 million fund for the Move-Based Layer-1 Ecosystem.

Aptos founders Mo Shaikh, left, and Avery Ching (Aptos Labs)

The venture arm of cryptocurrency exchange OKX and the Aptos Foundation, which supports the development of the Aptos protocol, set up a $10 million fund to encourage the growth of the Aptos ecosystem and broader adoption of Web3.

The accelerator fund, named Ankaa, will be used to develop projects built on Aptos, according to an emailed announcement. Ankaa will be run by Aptos, OKX Ventures and Alcove, Aptos’ accelerator established last November.

The fund’s main focus will be on projects around decentralized finance (DeFi), real-world assets (RWA), gaming, social and AI.

Aptos is a layer-1 blockchain that uses Facebook’s (META) Move programming language to execute transactions on-chain in an easy and reliable way. One of its goals is to bridge the gap between DeFi and institutions from the worlds of traditional finance and business.

In April, the Apotos developers said they were working with Microsoft, Brevan Howard and South Korean wireless telecommunications operator SK Telecom to offer institutions an entry point to DeFi.

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