Blockchain

Borderless Capital launched a $500 million fund for the Algorand project

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Borderless Capital, a venture capital company, has launched a fund worth 500 million US dollars to support projects built on the Algorand blockchain.

According to the announcement on November 30 Company based in Miami, Borderless ALGO Fund II will Purpose Supports digital assets that support the “next generation” decentralized applications (DApp) on Algorand.

The company particularly emphasized non-fungible tokens (NFT) and decentralized finance (DeFi) projects, and pointed out that it is looking for opportunities to use NFTs to “disrupt the creator economy” while accelerating capital growth. Algorand’s DeFi ecosystem.

Borderless’s move occurred in the same week that former Citi executive Matt Zhang launched Hivemind Capital Partners on November 29, a $1.5 billion multi-strategy fund focused on promising cryptocurrency games, such as infrastructure projects, virtual The world and programmable currencies. As part of the announcement, it was also revealed that Hivemind’s first technology partner was Algorand.

Algorand is an open source decentralized blockchain, launched by computer scientist Silvio Micali in mid-2019.Blockchain is designed for speed, security and stability, and has been Flatter As Ethereum competitors Among The rapid growth of ALGO 2021.

Arul Murugan, founding managing partner of Borderless Capital, said: “Algorand is currently the most efficient next-generation blockchain software on the market. It is the next frontier of investment opportunities and disruption.”

The new US$500 million fund adds to the US$400 million Alogrand key fund already under management by Borderless Capital.Earlier this month, the company completed a $10 million financing fund Focus on PlanetWatch, a decentralized air quality monitoring network built on Algorand.

related: Algorand launches virtual machine to increase smart contract capabilities

according to data From DeFi Llama, Algorand currently ranks 36th in DeFi’s total lock-in value (TVL), at 97.4 million US dollars. The top project on the network is Yieldly (YLDY), which provides a set of DeFi applications with a total TVL of $68.4 million.

Gingerko show At the time of writing, the price of ALGO has increased by 470% in the past 12 months to $1.86. More than two years ago, ALGO hit a record high. It briefly broke through US$3.50 in June 2019, and then fell sharply below the US$1 mark.