OKX Ventures, the investment arm of crypto exchange OKX, has teamed up with the Aptos Foundation to launch a $10 million ecosystem growth fund. The fund, named Ankaa, aims to accelerate the development of projects on the Aptos blockchain.

The primary goal of the Ankaa fund is to support projects in decentralized finance (DeFi), real-world assets (RWA), gaming, social, and artificial intelligence (AI). 

"OKX Ventures' vast network and robust expertise in supporting virtually all areas of the Web3 space is an invaluable resource for the Aptos ecosystem," said Bashar Lazaar, Head of Grants and Ecosystem at Aptos Foundation. "The team's commitment to fostering a conducive environment for innovation and growth aligns perfectly with our vision for Aptos."

Key Details of the Fund

The Ankaa fund will be operated jointly by Aptos, OKX Ventures, and Alcove, Aptos' accelerator established last November. This partnership aims to introduce a range of financial products that leverage the strengths of both organizations. The fund will focus on:

• Developing projects around DeFi, RWA, gaming, social, and AI.

• Enhancing the utility of tokenized assets through new staking and re-staking processes.

• Improving capital efficiency on supporting platforms.

The Ankaa accelerator program will provide selected Aptos ecosystem projects with venture funding, focused mentoring, and go-to-market exposure, as well as access to the extensive network of experts at OKX, Ankaa, and Aptos Foundation. 

A panel of judges from the Aptos Foundation, OKX Ventures, and Ankaa teams will choose five promising projects to include in the inaugural accelerator cohort starting in September.

Recent Developments

Just yesterday, the Aptos Foundation announced the launch of Ondo Finance’s yield-bearing stablecoin, Ondo US Dollar Yield (USDY), on the Aptos blockchain. 

This partnership aims to democratize finance and serve underserved communities by introducing financial products that combine on-chain native and real-world asset yields..