Capital venture firm Borderless Capital has launched a fund worth $500 million to support projects building on the Algorand blockchain.
According an announcement from the company, the Borderless ALGO Fund II will aim to back digital assets powering the “next generation” of decentralized applications on Algorand.
The firm highlighted NFT and decentralized finance (DeFi) projects in particular, noting that it is looking at opportunities to “disrupt the creators economy” with NFTs while accelerating the growth of funding into Algorand’s DeFi ecosystem.
The move from Borderless comes in the same week that former Citi executive Matt Zhang introduced Hivemind Capital Partners which is a $1.5 billion multi-strategy fund focused on promising crypto plays such as infrastructure projects, virtual worlds and programmable money. It was also revealed that Hivemind’s first technology partner is Algorand.
Algorand is an open-source decentralized blockchain that was launched 2019. The blockchain was designed for speed, security and stability and has been touted as an Ethereum competitor amid ALGO’s surging growth in 2021.
