Cosmos Builder Ignite, 11 VCs Put Up $150M to Invest in Multichain Crypto Teams
The accelerator includes backing from Sam Bankman Fried’s Alameda Research, KuCoin Ventures and others.
Apr 12, 2022 at 2:00 p.m. UTCUpdated May 11, 2023 at 7:13 p.m. UTC
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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.
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Sam is CoinDesk's deputy managing editor for tech and protocols. He reports on decentralized technology, infrastructure and governance. He owns ETH and BTC.