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Cosmos Builder Ignite, 11 VCs Put Up $150M to Invest in Multichain Crypto Teams

The accelerator includes backing from Sam Bankman Fried’s Alameda Research, KuCoin Ventures and others.

By Sam Kessler

Updated May 11, 2023, 7:13 p.m. Published Apr 12, 2022, 2:00 p.m.

Umee aims to be a hub for cross-chain DeFi. (Akinori UEMURA/Unsplash)

Ignite (formerly Tendermint) is spearheading a $150 million investment in teams building multichain crypto projects.

Announced Tuesday, Ignite, which launched the blockchain-interoperability protocol Cosmos and its ATOM token, is teaming with 11 crypto investment firms to fund “early-stage projects that have already initiated development.”
The accelerator’s initial group of strategic partners includes Sam Bankman Fried’s Alameda Research, KuCoin Ventures, OKX Blockdream Ventures, Hashkey Capital, Chorus One, Figment, Chainlayer, Strangelove Ventures, Forbole, Everstake and Galileo.
An Ignite spokesperson told CoinDesk the accelerator is targeted at any multichain crypto project, not just those developing on Cosmos. (It appears to be a continuation of the network’s anti-maximalist trend.)
Ignite has opened applications for the first round of the six-month program and plans to support 20 projects per year.

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Cosmos Accelerators

Sam Kessler

Sam is CoinDesk's deputy managing editor for tech and protocols. His reporting is focused on decentralized technology, infrastructure and governance. Sam holds a computer science degree from Harvard University, where he led the Harvard Political Review. He has a background in the technology industry and owns some ETH and BTC. Sam was part of the team that won a 2023 Gerald Loeb Award for CoinDesk's coverage of Sam Bankman-Fried and the FTX collapse.