Blocto, a multichain crypto wallet has announced its $3 million Aptos Ecosystem Fund. The fund aims to assist in the onboarding of new users. The Aptos fund will be used to back exceptional ideas after they reach the “user acquisition phase” in addition to providing financial support for projects.
According to a press release given to CoinDesk, Blocto, is backed by Mark Cuban and will use the fund to onboard new users to the layer-1 PoS blockchain Aptos.
Integrating New Users To The Aptos Ecosystem
Following Blocto’s recent integration with Aptos, which saw “more than 300,000 people set up an Aptos wallet within the first week,” the fund was just launched.
In addition to providing financial assistance, Blocto will support exceptional ideas after they reach the “user acquisition phase.” Only a few Aptos teams will get access to Blocto’s “in-house and external investor base and financial marketing support,” according to the release.
Former Meta employees Mo Shaikh and Avery Ching, who worked on the failed stablecoin diem developed by Meta, helped found Aptos Labs, the company behind Aptos.
Blocto’s integration into the Aptos ecosystem, according to Mo Shaikh, co-founder and CEO of Aptos, “will enhance this [environment] for the community,” he stated.
Hsuan Lee, the CEO of Blocto, is also quoted in the press release discussing his views on initiatives that are created when the market is in a gloomy state.
“Many from the Blocto team have been in the Web3 industry for several years already. We know this bearish market is the best time to build and refine products in preparation for the next wave of crypto adoption. Historically, those projects continuing development during downturns create the most impact when sentiment reverses,”
Blocto Believing In The Future Of Aptos Ecosystem
The well-known layer 1 blockchain raised $150 million in July from FTX Ventures and Jump Crypto after raising $200 million in March from renowned investment company Andreesen Horowitz. With initially lengthy transaction times and a constrained ecosystem since numerous projects were still awaiting approval, the mainnet launch last month was unsteady.
Blocto, a wallet application and ecosystem that intends to make it simpler for new users to enter the Web3 area through features like email logins and uniform gas or transaction costs. According to Crunchbase, Blocto, which has secured $8.8 million in investment, also supports the Tron, Polygon, BNB Chain, Solana, Flow, and Ethereum blockchains.
“We’ve been on the lookout for promising blockchain ecosystems with long-term potential, and Aptos has caught our attention,” said Blocto co-founder and CEO Hsuan Lee in the press release. “It aims to make blockchain accessible for average users – a big focus for us at Blocto – and has accumulated a lot of momentum in the dev community, even in the current market situation.”