In a blog post today, a popular crypto asset trading outlet, MEXC announced the launching of a $20 million ecosystem fund to assist projects on Sei Network. Sei Network is a Layer 1 blockchain built for trading, offering advanced experience for traders.
Worth noting that the funds will focus on selected projects on the Sei Network, aiding their development. Through the initiative, Sei network will have more resources at its disposal. These resources will be pivotal in contributing to the development and sustainability of the ecosystem.
Additionally, the initiative emanated due to MEXC’s commitment to supporting innovative Layer 1 solutions. On numerous occasions, the trading platform has supported Layer 1 solutions to design efficient decentralized financial systems. Now, MEXC is hoping that Sei customized Layer 1 solutions will address numerous shortcomings.
Sidenotes about MEXC
MEXC is an Asian based cryptocurrency trading platform with more than 7 million users globally. The platform provides spot trading for about 1,500 different cryptocurrency and ETF trading for more than 300 cryptocurrency.
Likewise, the platform outreach covers areas like DeFi, NFT, GameFi, DAO, Cross-chain and Public Chain. The trading outlet through its business ventures; MEXC Ventures has supported different projects in the cryptocurrency sphere. MEXC Ventures focuses on discovering opportunities in emerging projects and supporting their growth.
Also, through its incubation program, MEXC scouts for projects and then provide supporting facilities to aid their growth. Presently, the list of the selected projects that are beneficiaries of the $20 million ecosystem fund is unknown.
Growing crypto market in Asia
Gradually, cryptocurrency is finding its feet at the global stage. However, Asia has emerged as one of the fastest-growing markets for cryptocurrency and blockchain innovations. MEXC will be aiming to become a force to reckon with, leading the charge for cryptocurrency adoption.
The cryptocurrency sector is projected to grow rapidly in the upcoming years. A report by Pinebridge Investment posited that by 2040, Asia will contribute about half of the global GDP and 40% of global consumption. With the projection, cryptocurrency firms are venturing into Asia to benefit from the future growth of the region.