According to the governance proposal of ApeCoin DAO, Yat Siu, co-founder of Animoca Brands, has launched the “ApeCoin Ventures” initiative in the community. The proposal suggests allocating 5 million APE tokens from ApeCoin DAO, combining them with 5 million USD fiat funds from Animoca Ventures, to form a joint venture fund called ApeCoin Ventures.
Yat Siu stated that the fund will be managed and operated by James Ho, the Director of Strategic Partnerships at Animoca Brands, and other members of the Animoca Ventures team. The goal is to jointly invest in early-stage Web3 companies to promote and incentivize the comprehensive utility and adoption of ApeCoin.
The key points of the fund’s operational model are as follows:
– It primarily targets seed and Series A funding stage startups, with a preference for companies that can integrate ApeCoin into their ecosystem.
– The fund has a deployment period of 2 years, and if the funds are not deployed within the specified timeframe, any remaining APE tokens will be refunded.
– The target investment amount for each startup is between $100,000 and $250,000.
– Animoca Ventures will charge a 1% management fee.
Additionally, Yat Siu has promised that when the investment cases successfully exit, 50% of the token returns will be returned to the DAO. This portion of the returns is planned (or chosen) to be converted into ApeCoin, thus reinvesting in ApeCoin. The purpose of this is to increase the utility and popularity of ApeCoin.
Based on the comments under the proposal, the ApeCoin community generally supports this initiative.
