Animoca proposes to collaborate with ApeCoin to launch a new fund, ApeCoin Ventures, with a total value of 10 million US dollars

PANews reported on July 21st that according to information from Snapshot, Animoca Ventures, the venture capital department of Animoca Brands, has proposed to establish a joint venture fund called ApeCoin Ventures with ApeCoin. The fund aims to invest in seed and Series A Web3 projects, with a priority given to projects that can integrate ApeCoin into their ecosystem in order to enhance the value, utility, synergies, network effects, and influence of ApeCoin.

The size of the ApeCoin Ventures fund is $10 million USD. Of this amount, ApeCoin DAO is required to allocate $5 million worth of APE (to be sold by Animoca Ventures for fiat currency), while Animoca Ventures will contribute $5 million. The proposal is currently open for voting with a current approval rate of 83.49%, and voting will end on August 1st.