Arrington Capital to back Algorand projects with $100M growth fund
June 10, 2021. Summarized by summa-bot.
Compression ratio: 44.1%. 1 min read.
Algorand could be about to step into the spotlight as Arrington Capital devotes significant capital to the network.
Support for the Algorand ecosystem appears to be growing, with digital asset manager Arrington Capital earmarking $100 million for projects building on the smart-contract platform.
The massive Arrington Algorand Growth Fund, or AAGF, has been designed to accelerate additional development across all facets of the smart contract platform, the company announced Thursday.
AAGF will invest in an array of Algorand-focused projects, including native cryptocurrencies that drive new financial applications on the network.
This includes a $25 million fund from Borderless Capital to support digital payment solutions on the Algorand network.
At the time of writing, Algorand was the 35th most valuable blockchain network, with a total market capitalization of nearly $3. 1 billion.