The digital asset management firm Arrington XRP Capital announced the launch of a $100 million fund to back initiatives built on the Algorand blockchain.
Today, @arringtonXRPcap announced the launch of a $100M fund to invest in #Algorand-based initiatives! The Arrington Algo Growth Fund (AAGF) will focus on empowering projects building on Algorand & supporting ecosystem growth: https://t.co/cWKsD73Ub4 #futurefi @arrington pic.twitter.com/LFlCQcoaQh
— Algorand (@Algorand) June 10, 2021
«Arrington Algo Growth Fund (AAGF) направлен на поощрение и стимулирование дополнительного развития Algorand, который в последнее время значительно вырос и получил распространение в DeFi, традиционных финансах, государственном секторе, пространстве NFT и многом другом», — говорится в заявлении.
Arrington XRP Capital partner Michael Arrington stressed that they were impressed by the startup’s achievements.
In the press release, several potential use cases for Algorand’s blockchain are listed:
- Exodus (valuation around $700 million) выпустила securities tokens;
- MAPay, a technology firm, is transforming exchanges, data management and payments (a deal volume of about $800 million) in Bermuda’s healthcare system;
- Spanish money-transfer operator Bnext is using Algorand’s infrastructure to speed up and lower the cost of transactions.
In 2019, the Algorand ecosystem attracted $200 million in funding from major investors.
In 2020, the Algorand Foundation, the entity behind the project, launched a $45 million grant programme for blockchain-based projects.
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