Borderless Capital Launches $500M Algorand-Focused Fund

0
93

Borderless Capital is launching a $500 million ALGO Fund II to assist develop tasks constructed on the Algorand blockchain.

  • The firm introduced on Tuesday the fund will put money into “digital assets powering the next generation of decentralized applications on top of the Algorand blockchain network,” together with tasks “to disrupt the creators economy with [non-fungible tokens] and initiatives that can increase capital in the ALGO [decentralized finance] ecosystem through liquidity mining, lending, borrowing and yield farming,” the corporate stated within the press launch.
  • “It amazes us to see how the ecosystem has expanded since then, but we believe this is just the beginning and there is a lot of room to keep growing,” Borderless founding managing companion David Garcia stated within the assertion.
  • The Miami-based agency is among the many main traders within the Algorand ecosystem. In June 2019, it launched a $200 million ALGO Fund I. Borderless stated that it’s presently focusing $400 million in investments on Algorand tasks by means of totally different funds.
  • The firm stated that its ALGO Fund I had invested in over 100 firms over the previous 30 months, together with Tinyman, Yieldly.Finance, Reach, Opulous and Flare Network.
  • It’s the second main injection of enterprise capital for Algorand in as many days. Former Citi exec Matt Zhang introduced a brand new $1.5 billion enterprise fund on Monday with Algorand enlisted as a strategic companion.

Read extra: Citi Veteran Launches $1.5B Crypto Fund With Algorand as Strategic Partner