The venture capital arm of crypto exchange Gate.io is on track to raise $200 million for its second fund by Q3 2022.

Gate Ventures wants the fund to aid alternative layer 1 and layer 2 protocols, the company’s managing partner Kevin Yang told CoinDesk in an interview on Friday. Layer 1 protocols are blockchains like Ethereum, whereas layer 2 networks are third party integrations like Polkadot.“We have this vision that it will be a multi-chain and multi-layer future, with an open internet which also respects privacy,” Yang said. Gate Ventures is taking contributions from around 20 institutions.The fund wants to invest in cross chain solutions which allow blockchains to interact with each other. It will also help fund specific applications like gaming protocols which are in high demand thanks to the help of the metaverse’s growth, as well as decentralized finance ones.The company also launched a $100 million fund in 2021 to invest in early stage projects in the crypto space. “We believe that the crypto future is not something we can wait for but rather we need to build this vision,” Yang said.