According to a release, Borderless Capital, a Miami-based venture-capital firm will be leading a $50 million fund which will support projects that focus on cross-chain innovation.

Wormhole will power the fund, which is a decentralized protocol for passing messages that connects different blockchains and allows them to communicate. According to Borderless Capital, portfolio companies will be able work closely with Wormhole to create a cross-chain solution.

The press release stated that “Navigating Web3 is increasingly difficult due to the proliferation and diversity of layer-1 blockchains and layer-2 scaling solutions as well as specialized appchains and their unique parameters and purposes.” This complexity is a problem for users, and it alienates developers because they are only able to access a single ecosystem.

The fund has also been backed by Jump Crypto’s Arrington Capital and Polygon Ventures. MultiCoin GP’s Tushar and Kyle Samani as well as the Solana Foundation, Aptos Labs and other.

Dan Reecer is the head of operations for Wormhole Foundation. He said, “Crypto remains a young industry with an essentially unlimited growth potential. We should work together regardless of what specific networks people may be passionate about.”

Stephen Alpher edited the book.