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Algorand has secured $500 million from Borderless Capital, a venture capitalist firm. The funds will be used to support projects on the Algorand blockchain.
According to an announcement issued on November 2, the fund dubbed the Borderless ALGO Fund II will be used to support the “next generation” of Dapps on the blockchain.
Fund to support DeFi and NFT projects
The announcement stated that this funding will be used to support non-fungible tokens (NFTs) and decentralized finance (DeFi) projects. The firm states that by supporting NFTs through this fund, it will “disrupt the creators’ economy.”
The recent funding comes as ALGO entered into a partnership with Hivemind Capital Partners. The blockchain partnered with this financial institution in a fund that will see ALGO support crypto projects that involve the virtual world, infrastructure projects and digital assets.
Algorand is one of the leading blockchains in the market, and it was launched in mid-2019. ALGO is an open-source, decentralized blockchain that seeks to bring scalability into the sector. The blockchain seeks to offer high speeds, stability and a high sense of security.
Algorand has grown significantly this year, and it ranks as one of the most competitive blockchains amongst other “Ethereum killers.”
Commenting on this funding, the founding managing partner at Borderless Capital, Arul Murugan, stated that, “Algorand is the most efficient next-generation blockchain software in the market right now, and it is the next frontier for investment opportunities and disruption.”
Borderless Capital already has a stake in ALGO, as it had previously invested $400M into the firm behind the development of Algorand.
Algorand makes notable gains
In September, Algorand announced the launch of a virtual machine (AVM). This product was aimed at delivering carbon output. The EVM will boost scalability and enable instant transaction processing on the network.
Data from DeFi Llama shows that the total value locked (TVL) on the blockchain stands at around $97.4 million. The top project on ALGO is Yieldly (YLDY), which accounts for $68.4 million of the total TVL.
The price of ALGO has seen notable growth following this funding. The current data shows that the token has gained around 6.1% in the past 24 hours, placing its yearly gains at almost 500%.
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