The ApeCoin DAO community has voted to pass the proposal to "Establish ApeCoin Ventures".
On August 1st, according to the Snapshot governance page, the proposal to establish "ApeCoin Ventures" initiated by Animoca Ventures, the early-stage venture capital arm of Animoca Brands, has been voted and approved by the ApeCoin DAO community.
According to the proposal, the ApeCoin DAO will contribute $5 million worth of APE tokens, and Animoca Ventures will provide $5 million worth of fiat currency in a 1:1 ratio, together forming a $10 million investment fund. This fund will focus on investing in early-stage Web3 projects in the seed and Series A stages, with a priority on projects that can integrate the APE token into their ecosystems.
After successful exits, 50% of the token gains will be returned to the ApeCoin DAO, and the profits may be optionally converted back to APE. ApeCoin Ventures will charge a 1% management fee to cover project due diligence, ecosystem support, and promotional activities.
