ApeCoin DAO community voted to approve the proposal to establish ApeCoin Ventures

BlockBeats news, on August 1, according to the Snapshot governance page, Animoca Ventures, the early venture capital department of Animoca Brands, initiated a proposal to "establish ApeCoin Ventures" in the ApeCoin DAO community and has been voted through.

According to the proposal, ApeCoin DAO will invest $5 million in APE tokens, and Animoca Ventures will provide $5 million in fiat currency for a 1:1 ratio to jointly establish an investment fund with a total size of $10 million. The fund will focus on investing in early Web3 projects in the seed and A rounds, giving priority to projects that can integrate APE tokens into their ecosystems.

After the investment is successfully exited, 50% of the token proceeds will be returned to ApeCoin DAO, and the plan may choose to redeem the profits back to APE. ApeCoin Ventures will charge a 1% management fee for project review, due diligence, ecological support, cooperative promotion and other operational work.