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“The Arrington Algorand Growth Fund represents yet another key strategic pillar in supporting the momentum of those building on what we believe is the best technical platform for regulated DeFi and the future of finance,” said Sean Ford, Algorand’s COO.
The Algorand ecosystem looks to be gaining traction, with digital asset manager Arrington Capital allocating $100 million to projects based on the smart-contract platform.
The enormous Arrington Algorand Growth Fund, or AAGF, was unveiled Thursday to drive expanded development across all aspects of the smart contract platform. This comprises applications from the DeFi, traditional banking, public sector, and non-financial technology (NFT) markets.
The AAGF will invest in a variety of Algorand-related initiatives, including native coins that will power new financial applications on the network.
Michael Arrington, the creator of TechCrunch and Crunchbase, formed Arrington Capital. The firm manages more than $1 billion in assets under management, with notable investments in Unbound Finance, BlockFi, Polkadot, Kava, and many more.
Michael Arrington stated that his business is “inspired by the traction that Algorand currently has in the market,” adding:
“With unmatched tech, robust developer resources and a vision for long term sustainability, Algorand is empowering its community to more easily create the future of finance.”
During the run-up to the 2017 bull market, Algorand was seen as a significant smart-contract challenger to Ethereum. According to Arrington Capital, the proof-of-stake blockchain has garnered more than $500 million in strategic investments. Borderless Capital has contributed $25 million to enable digital payment solutions on the Algorand network.
Algorand was the 35th most valuable blockchain network at the time of writing, with a total market value of roughly $3.1 billion.