Ignite Announces $150 Million Web 3 Accelerator Fund

Ignite fund

Ignite, formerly known as Tendermint, has announced that it is working to make multichain blockchain a reality. The platform behind the Cosmos blockchain stated that it would make available the sum of $150 million to facilitate the launch of interoperability-focused projects.

Joint Venture Funding With Ignite

The fund is backed by prominent blockchain and finance firms such as Figment, Alameda Research, Forbole, KuCoin Ventures, OKX, Blockdream Ventures, Hashkey Capital, Chorus One, Chainlayer, Strangelove Ventures, Everstake, and Galileo.

A release by the Chief Executive Officer (CEO) of Ignite, Peng Zhong highlighted the focus of the project in making multi-chain blockchains a possibility. According to what he wrote in a Twitter post

“Mark my words. A future of a million blockchains is inevitable. And no ecosystem other than @cosmos is scalable enough to get us there.”

To this effect, Ignite backed the latest Cosmos Hub Theta upgrade that primes the network for interoperability and multiple-chain support.

Supports Blockchains Outside Cosmos

The accelerator fund is not meant to finance only projects built on the Cosmos network. It will support IBC-connected chains and the projects that are built on them. The Cosmos Hub interface will see to this after all the upgrades have been implemented.

According to a post by Blockchain News, the fund will support up to 20 projects annually. The modalities of funding as well as qualification for projects will be done in conjunction with the funding partners.

Ignite it obvious that the first set of beneficiaries will be announced in June this year. The announcement stated that these beneficiaries will also benefit from on-hands training in areas such as tokenomics, hands-on guidance in key areas like blockchain development, marketing or public relations.

The accelerator fund from Ignite is similar to what is obtainable in other blockchains that support enterprise solutions and DLT on their framework. Other blockchains that have promoted such funds are Terra and Avalanche. The uniqueness of the Ignite fund stems from the fact that it accommodates other blockchains apart from Cosmos.

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Author: Jofor Humani

Jofor is a crypto journalist with passion for investigative review of projects with the aim to determine the authenticity of their claims.