A fund that could give Algorand (ALGO) a boost… Venture capital firm Borderless Capital has announced that it has unlocked $500 million to fund projects developed on the blockchain.
Borderless Capital invests $500 million in Algorand
As reported by Algorand, Borderless Capital was already among its most prominent investors, as the firm had invested $200 million back in 2019. It is therefore repeating its gesture at the end of 2021, with an amount that has more than doubled.
The funds will be earmarked for “digital assets that power the next generation of decentralised applications running on Algorand”. Among the different areas mentioned are non-fungible tokens (NFTs) and the new creator economy.
Borderless Capital also wants to support applications that “accelerate the growth of the capital” present in Algorand’s decentralised finance ecosystem (DeFi). The release cites liquidity mining, lending, borrowing, and of course farming as examples.
Borderless Capital will launch 500m Algorand fund!
In the press later today, YOU heard it here first! 🙂 Grab a Mochi to celebrate it! algofam $btc $eth $ada $ftm $sol $ava $etc $icp $haka $mana $sand $gala $algo pic. twitter.com/o85v5g6IhJ
– Mochi NFTs live on ALGO (@theMochiNFT) November 30, 2021
An “Ethereum killer” moving forward
David Garcia, founder of Borderless Capital, welcomed the growth of the Algorand project
We started Borderless Capital in November 2018, even before the Algorand mainnet was launched. We’re amazed at how much the ecosystem has grown since then, but we think this is just the beginning and we still have plenty of room to continue growing.
Several investments show that Algorand is finding its place among the many projects that intend to compete with Ethereum. Two days ago, we learned that a $1.5 billion fund, called Hivemind, had been launched to “institutionalize investment in cryptos”… And that its main partner was Algorand.
The battle rages on among cryptocurrencies linked to such projects, but Algorand’s ALGO is not doing badly. It is placed twentieth among the most capitalised cryptocurrencies, and has risen +485% over the last twelve months.
