A finance company chose Algorand behind the popular altcoin ALGO when setting up a new fund to invest in cryptocurrencies. Venture capital firm Borderless Capital has launched a $500 million fund on Algorand (ALGO) that invests in cryptocurrencies powering next-generation decentralized applications.
Borderless Capital chooses popular altcoin Algorand
In the firm announcement, Algorand, founded by cryptographer Silvio Micali, said that it has developed a blockchain infrastructure that offers interoperability and capacity to handle the high-volume transactions necessary for financial institutions and governments to transition to decentralized finance. Algorand, along with other layer 1 protocols such as Solana, Cardano, and Avalanche, emerged as a competitor to Ethereum this year due to higher demand for lower and faster transaction prices and throughput than the Ethereum network provides.
Borderless ALGO Fund II comes after the Miami-based company launched its first Alogorand-focused fund in June 2019. Cryptocoin. com, Borderless ALGO Fund I initially raised $200 million and invested in over 100 companies including BlockDaemon, Six Clovers and Osprey Funds.
“As the rapid adoption of Algorand technology continues, we are excited to see the Borderless fund bear fruit to support the next wave of DeFi in Algorand,” Algorand founder Kokinos said in a statement. Borderless announced last week the launch of a $10 million fund that will invest in the ecosystem surrounding PlanetWatch, the world’s first decentralized indoor and outdoor air quality monitoring network built on Algorand.