Arrington Capital to back Algorand projects with $100M growth fund
“The Arrington Algorand Growth Fund represents another key strategic pillar in supporting the momentum of these building along with what we think is the greatest technological platform for controlled DeFi and the near future of finance,” explained Sean Ford, COO of Algorand.
Support for your Algorand ecosystem is apparently increasing, with electronic asset manager Arrington Capital earmarking $100 million for projects construction on the smart-contract platform. The enormous Arrington Algorand Growth Fund, or AAGF, was designed to quicken additional development across all facets of this smart contract stage, the company announced Thursday. Including applications spanning the DeFi, traditional finance, public sector and also NFT marketplaces.AAGF will put money into a range of Algorand-focused jobs, including native cryptocurrencies that drive new financial programs on the system. The company oversees over $1 billion in funds under its own portfolio includes key investments at Unbound Finance, BlockFi, Polkadot, Kava and several more. Michael Arrington said his firm is”inspired by the traction that Algorand has at the market right now,” adding:”With innovative technology, robust developer resources along with a vision for long term sustainability, Algorand is empowering its community to easily produce the future of finance.” Related: Pantera Capital along with Arrington XRP Capital lead $5.8M Unbound Finance increase. Algorand has been viewed as a serious smart-contract competition to Ethereum during the run around the 2017 bull market. The proof-of-stake blockchain has received over $500 million in strategic investments, according to Arrington Capital. Including a $25 million fund from Borderless Capital to support digital payment options on the Algorand network.At time of writing, Algorand has been the 35th most precious blockchain network, with a entire market capitalization of almost $3.1 billion.
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