In a strategic collaboration, OKX Ventures, the investment division of the prominent cryptocurrency exchange OKX, and the Aptos Foundation, dedicated to advancing the Aptos protocol, have established a $10 million fund aimed at fostering the development of the Aptos ecosystem and promoting broader Web3 adoption.

Dubbed the Ankaa Accelerator Fund, this initiative is designed to nurture projects built on the Aptos platform, as detailed in a recent announcement. The fund will be managed by Aptos, OKX Ventures, and Alcove, Aptos’ accelerator program initiated in November of last year.

Read more: OKX Shocks Crypto Market With Withdrawal of Hong Kong License Application

The primary focus of the fund will be on projects within the realms of decentralized finance (DeFi), real-world assets (RWA), gaming, social applications, and artificial intelligence (AI).

Aptos operates as a layer-1 blockchain, leveraging Facebook’s (META) Move programming language to facilitate seamless and dependable on-chain transactions. One of its key objectives is to bridge the divide between decentralized finance and traditional financial institutions and enterprises.

In a notable development earlier this year, Aptos developers announced partnerships with Microsoft, Brevan Howard, and South Korean telecommunications giant SK Telecom to provide institutional access points to the DeFi space.

This strategic funding initiative underscores a significant step towards accelerating innovation and adoption in the burgeoning Web3 landscape, setting the stage for transformative developments in the blockchain and crypto ecosystems.