Algorand ecosystem received support from large investors in the amount of $ 200 million

The investment company Algo Capital, which focuses on the development of the ecosystem of the Algorand blockchain, announced a $ 200 million financing raised. The funds will go to a specially created venture fund Algo VC Fund, the organization said in a press release .

Fund investors included Brainchild, NGC Ventures, Arrington XRP Capital, Eterna Capital, GSR, Cognitive Blockchain, Rokk3r Inc, Wibson, 11-11 Ventures (Bakkt and tZero investor), DG Ventures, Winslow Strong, Invermaster and others.

Algorand developers are working on a blockchain based on the proof-of-stake consensus algorithm. Focused on large companies, the project is based on the idea of a “decentralized economy” and aims to solve the problems of scalability, security and transparency in the ecosystem.

The report notes that the Algo VC Fund will focus on projects that create applications and infrastructure on the Algorand blockchain and stimulate a wider adoption of the ALGO native token as a means of payment.

Initially, they included the Securitize platform for issuing security tokens, the Idex decentralized exchange, the developer of BlockDaemon blockchain infrastructure, and the OTCXN institutional exchange.

Also, company representatives noted that all the funds raised were received at ALGO. Future plans include joint initiatives with international startup accelerators and venture studios to expand their presence in North and Latin America, Europe and Asia.

Recall that the Algorand project was founded by a professor at the Massachusetts Institute of Technology (MIT) and Turing Prize winner Silvio Mikali. In October 2918, he attracted an investment of $ 62 million , followed by the successful token sale of more than $ 60 million and the launch of the main backbone of the network in June this year.

Also this summer, Tether announced the intention to issue a USDT token on the Algorand blockchain, the Binance exchange added the possibility of staking Algorand and announced the airdrop of 220 thousand ALGO tokens, and the opportunity to trade a token appeared on Coinbase Pro.

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