MEXC announces $20M ecosystem fund for Sei Network

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  • MEXC Venture’s $20 million ecosystem fund aims to support major projects on the Layer 1 blockchain Sei Network.
  • Sei Network secured $5 million in August from investors such as Coinbase Ventures and Multicoin Capital.
  • As the mainnet is about to launch, the platform plans to support 20 dApps.

MEXC, a major Singapore based cryptocurrency trading platform, has unveiled a $20 million fund aimed at supporting projects on the Layer 1 blockchain Sei Network.

in a blog post published On January 4, MEXC stated that the fund would be created to promote adoption in the Sei Network ecosystem.

The platform, which is designed with the need to maximize trading benefits for users of decentralized exchanges (DEX), has been developed by Sei Labs – a team consisting of former Robinhood developers, Cosmos OG and ex-Goldman Sachs Finance and Strategy counts members.

Sei Network to support 20 dApps ahead of mainnet launch

Sei Network raised $5 million in August, backed by industry players and other investors including Coinbase Ventures, Multicoin Capital, Delphi Digital and Hudson River Trading. The platform plans to use the fresh capital injection to support the development of the network as it nears its mainnet launch.

The team will also support the 20 decentralized applications (DApps) that are already being built on the network.

MEXC is launching the Ecosystem Fund through its MEXC Ventures, a comprehensive fund that empowers innovations within the crypto space through strategic investments. The firm also focuses on M&As project incubation and multi-manager investments.

MEXC Ventures currently has over $100 million in assets under management and over 300 portfolio investments.

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