Algorand, an environmentally friendly crypto, has been gaining popularity and adoption from companies like the Wine company, Racing company and Social media companies. The latest update is the support of half a billion dollars from Borderless capital.
Algorand Project Funding to Support Digital Assets and Decentralized Applications
According to the Miami-based company’s announcement on November 30, the Borderless ALGO Fund II will be dedicated to supporting digital assets and operating the “next generation” decentralized applications (DApps) on Algorand.
The company put particular emphasis on non-fungible tokens (NFT) and decentralized finance projects (DeFi), pointing out that it is looking for ways to use NFTs to “disrupt” the “creator economy” while accelerating the growth of Algorand’s DeFi ecosystem .
Borderless’ move came the same week that former Citi manager Matt Zhang founded Hivemind Capital Partners, a $1.5 billion multi-strategy fund specializing in promising cryptocurrency games such as infrastructure projects, virtual world and programmable currencies focused on Nov. 29. As part of the announcement, it was also announced that Hivemind’s first technology partner was Algorand.
The Most Efficient Next-generation Blockch0ain Software
Algorand is a decentralized open-source blockchain that was launched in mid-2019 by computer scientist Silvio Micali. Built for speed, security, and stability, the blockchain is touted as a competitor to Ethereum in ALGO’s rapid growth in 2021.
Arul Murugan, Founding General Manager of Borderless Capital, States that Algorand is the most efficient next-generation blockchain software available today. It’s the next frontier for investment opportunities and disruption.
The new $500 million fund complements the $400 million Alogrand fund already managed by Borderless Capital. Earlier this month, the company closed a $10 million fund to focus on PlanetWatch, a decentralized air quality monitoring network built on top of Algorand.
According to DeFi Llama, Algorand currently ranks 36th in DeFi’s Total Value Lock (TVL) with $97.4 million. The top project on the web is Yieldly (YLDY), which provides a range of DeFi applications with a total TVL of $68.4 million.
Coingecko shows that at the time of writing, ALGO’s price has increased 470% to $1.86 over the past 12 months. ALGO hit a record high more than two years ago: in June 2019 it briefly broke through $3.50 and then fell well below the $1 mark.