PANews reported on August 1 that according to the Snapshot governance page, the proposal initiated by Animoca Ventures, the early venture capital department of Animoca Brands, to establish ApeCoin Ventures was passed with an approval rate of 84.27%. According to the proposal, ApeCoin DAO will invest $500 in APE tokens, and Animoca Ventures will provide $5 million in fiat currency in a 1:1 ratio to jointly establish an investment fund with a total size of $10 million. It is reported that the fund will focus on investing in early Web3 projects in the seed and A round stages, giving priority to projects that can integrate APE tokens into their ecosystems.

As previously reported, Animoca initiated a proposal to cooperate with ApeCoin to launch a new $10 million fund, ApeCoin Ventures.