According to Odaily, Animoca Ventures, the venture capital arm of Animoca Brands, has proposed a collaboration with ApeCoin DAO to establish a joint fund named ApeCoin Ventures. The proposed fund will have a total size of $10 million, with ApeCoin DAO required to allocate $5 million worth of APE tokens. Upon receipt, Animoca Ventures plans to convert these tokens into fiat currency. Animoca Ventures will also contribute $5 million to the fund.

The primary focus of ApeCoin Ventures will be to invest in seed and Series A rounds of Web3 projects. Priority will be given to projects that can integrate ApeCoin into their ecosystems, thereby enhancing the value, utility, synergy, network effects, and overall impact of ApeCoin. The proposal is currently open for voting, with a support rate of 83.49%. The voting period is set to conclude on August 1.