Animoca proposes to launch new $10 million fund ApeCoin Ventures in partnership with ApeCoin

Animoca Ventures, the venture capital arm of Animoca Brands, has initiated a proposal in ApeCoin DAO to co-found a joint venture fund, ApeCoin Ventures, with ApeCoin. The ApeCoin Ventures fund is worth $10 million, of which ApeCoin DAO needs to allocate $5 million worth of APE (which Animoca Ventures will sell for fiat currency after receiving it), and Animoca Ventures will invest $5 million. The fund will invest in Web3 projects in the seed and A rounds, and give priority to projects that can integrate ApeCoin into their ecosystems, thereby increasing the value, utility, synergies, network effects and influence of ApeCoin. The proposal is currently open for voting, with a current support rate of 83.49%, and voting will end on August 1.