Borderless Capital is launching a $500 million ALGO Fund II to assist develop tasks constructed on the Algorand blockchain, the corporate introduced on Tuesday.
- The fund will spend money on “digital property powering the subsequent era of decentralized functions on high of the Algorand blockchain community,” together with tasks “to disrupt the creators economic system with NFTs and initiatives that may improve capital within the ALGO DeFi ecosystem via liquidity mining, lending, borrowing and yield farming,” the corporate stated in a press launch.
- “It amazes us to see how the ecosystem has expanded since then, however we imagine that is just the start and there’s a lot of room to continue to grow,” Borderless Founding Managing Partner David Garcia stated in a press release.
- The Miami-based agency is among the many main traders within the Algorand ecosystem. In June 2019, it launched a $200 million ALGO Fund I. Borderless stated that it’s at the moment focusing $400 million in investments on Algorand tasks via completely different funds.
- The firm stated that its ALGO Fund I had invested in over 100 corporations over the previous 30 months, together with Tinyman, Yieldly.Finance, Reach, Opulous and Flare Network.
- It’s the second main injection of enterprise capital for Algorand in as many days. Former Citi exec Matt Zhang introduced a brand new $1.5 billion enterprise fund on Monday with Algorand enlisted as a strategic accomplice.
Read extra: Citi Veteran Launches $1.5B Crypto Fund With Algorand as Strategic Partner