Algo Capital, a venture capital group focusing on blockchain investments, has announced the launch of its new $100 million fund. The fund will offer financial support to companies developing on its native Algorand decentralized platform over the next decade.
Furthermore, it also promises investments in companies at different stages of growth involving the development of blockchain solutions. However, it will prioritize on companies developing the fintech applications.
The Algorand Protocol is the creation of Silvio Micali, an MIT professor, and a cryptography pioneer. Micali is also the winner of the prestigious Turing Award. The Algorand platform is developed with the aim to create a truly decentralized economy. It is one-of-its-kind blockchain platform supporting several business-centric applications.
While recognizing the potential of the Algorand platform, four external investors joined Micali to form Algo Capital. The Algo Capital is an integral part of the blockchain ecosystem and will independently manage the $100 million blockchain fund. Furthermore, it will also support the companies engaging with this fund.
The leadership team at Algo Capital will also establish a blockchain laboratory providing the essential infrastructure to developers and entrepreneurs. Thus, it will help developers and entrepreneurs to build different applications on the Algorand platform.
Steve Kokinos, CEO of Algorand, shared his optimism on the launch of the new blockchain fund. He said,
“The launch of the Algo Capital fund demonstrates the momentum of the technology that Silvio Micali has been developing for the past several years. Algo Capital and its supporting lab will accelerate opportunities for developers and businesses to realize the potential of Algorand’s protocol for a truly global and decentralized economy. We look forward to seeing first-hand the innovative projects that will develop out of the Algo Capital fund.”
Arul Murugan, Managing Partner of Algo Capital, said,
“The launch of Algo Capital signifies an invaluable opportunity to support and grow some of the world’s most promising startups that are building on the business blockchain of the future. We believe that value in the overall Algorand ecosystem will be captured by building real business and uses cases upon it, bringing hundreds of millions of users to wider blockchain adoption. Algo Capital looks forward to enabling and supporting entrepreneurs to leverage the unique benefits of the Algorand platform in innovative ways that will change the world.”
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