Gate.io is a popular crypto exchange that has recently launched a $100 million fund. The crypto exchange will use this fund to support upcoming projects in the industry.
The name of this fund is Gate Ventures. The exchange venture capital vehicle focuses on early-stage investments in DeFi infrastructure and ecosystems.
According to the press release, Gate Ventures will invest in “wide-ranging” projects, injecting capital up to ‘multimillions’ of dollars. Alongside this, the fund will also offer grants to open-source projects building Web 3.0 and open-finance infrastructure.
Moreover, the fund coincides with Gate.io’s participation in supporting the $60 million initiative. They’ll support projects building atop the Solana blockchain in emerging markets like Brazil, Russia, India, and Ukraine.
The initiative aims to make investments, supporting projects working on the development of blockchain applications. It includes decentralized finance (DeFi) projects, non-fungible token (NFT) marketplaces, and cybersecurity. However, the Solana foundation will not directly benefit from the investments. Also, the funds will go directly to different initiatives within the Solana ecosystem.
Moreover, the Solana Foundation has worked with crypto firms in the new markets to support the development of new projects.
The crypto exchange has also provided additional details about the fund. According to them, Gate Ventures will offer financing, operational resources, and industry expertise in operations wherever possible. Moreover, it will also offer support to the traditional Gate.io ecosystem.
The focus of the fund investment is technical & financial infrastructure, ecosystems, and applications.
On this announcement, Gate.io’s Chief Marketing Officer Marie Tatibouet said:
“We believe it’s still the early days in the crypto and blockchain industries. Gate Ventures is an extension of the existing Gate.io ecosystem, which aims to cultivate innovation in the market.”