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.

AccessTimeIconApr 12, 2022 at 2:00 p.m. UTC
Updated Apr 12, 2022 at 3:16 p.m. UTC

Sam is a reporter at CoinDesk focused on decentralized technology, DeFi and DAOs. He owns ETH, BTC and MATIC.

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 about

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

Sam is a reporter at CoinDesk focused on decentralized technology, DeFi and DAOs. He owns ETH, BTC and MATIC.

CoinDesk - Unknown

Sam is a reporter at CoinDesk focused on decentralized technology, DeFi and DAOs. He owns ETH, BTC and MATIC.