coindesk.com
Crypto exchange Gate.io has launched a $100 million fund designed to support budding projects in the industry.
Gate Ventures, the exchange’s venture capital vehicle, is focused on early-stage investments in decentralized infrastructure, ecosystems and applications, according to a press release on Monday.
Gate Ventures will invest in “wide-ranging” projects with capital injections of up up to “multimillions” of dollars. It also will offer grants to open source projects that are actively building Web 3.0 and open-finance infrastructure.
Gate.io’s fund coincides with its participation in May, alongside Hacken, Coin DCX, and BRZ to support a $60 million initiative to help support projects building atop the Solana blockchain in emerging markets.
According to the exchange, Gate Ventures offers financing, operational resources, and industry expertise to the operations it invests in. The fund will also offer support from the existing Gate.io ecosystem.
Three main areas of focus for the fund’s investment will be technical and financial infrastructure, ecosystems as well as applications.
The exchange said it believes continued innovation in Layer 1, Layer 2 and cross-chain solutions will be “key to future mass adoption” of the crypto market.
“We believe it’s still the early days in the crypto and blockchain industries,” said the exchange’s CMO Marie Tatibouet. ”Gate Ventures is an extension of the existing Gate.io ecosystem, which aims to cultivate innovation in the market.”
Read more: Solana-Based Game Raises $4.1M to Teach You How to DeFi