Cosmos Builder Ignite, 11 VCs Put Up $150M to Invest in Multichain Crypto Teams

Ignite (formerly Tendermint) is spearheading a $150 million investment in teams building multichain crypto projects.

• Announced Tuesday, Ignite, which launched the blockchain-interoperability protocol Cosmos and its ATOM token, is teaming with 11 crypto investment firms to fund “early-stage projects that have already initiated development.”
• The accelerator’s initial group of strategic partners includes Sam Bankman Fried’s Alameda Research, KuCoin Ventures, OKX Blockdream Ventures, Hashkey Capital, Chorus One, Figment, Chainlayer, Strangelove Ventures, Forbole, Everstake and Galileo.
• An Ignite spokesperson told CoinDesk the accelerator is targeted at any multichain crypto project, not just those developing on Cosmos. (It appears to be a continuation of the network’s anti-maximalist trend.)
• Ignite has opened applications for the first round of the six-month program and plans to support 20 projects per year.

Read more: Cosmos-Based Gravity DEX Rebrands and Moves Chains