Aptos Foundation in collaboration with OKX’s venture arm has announced a new $10 million fund to support projects on the blockchain.

The Aptos Foundation, in collaboration with OKX Ventures, has announced the launch of a $10 million fund aimed at nurturing projects on the Aptos blockchain.

The joint fund dubbed Ankaa will be used to develop an accelerator program designed to bolster the growth of projects built on the Aptos blockchain, per an Aug. 1 press release. OKX Ventures says the accelerator will provide selected projects with venture support as well as “focused mentorship, go-to-market exposure, and access to the extensive network of experts.”

“With OKX and Aptos Foundation at the helm, this joint ecosystem growth fund and accelerator will prove critical to cementing Aptos as the Move-based layer-1 to prove out elusive use cases and onboard web2 developers into web3.”

Aptos Labs CEO Mo Shaikh

The initial focus of the fund will be on areas such as infrastructure, decentralized finance, real-world assets, gaming, social platforms, and artificial intelligence. However, it remains open to other decentralized applications deemed “critical to the growth and evolution of the Aptos ecosystem and web3 in general.”

Jeff Ren, a partner at OKX Ventures, highlighted the “immense potential” in Aptos, describing the Move programming language as a “game-changer for creating secure and efficient smart contracts.”

Despite the news, (APT) has seen a 4% decline, trading at $6.33, according to data from crypto.news. The drop comes as the ecosystem prepares to unlock over 11.3 million APT on Aug. 12, which represents more than 2.4% of its circulating supply, according to Token Unlocks data.