Arrington Capital to back Algorand projects with $100M growth fund

Arrington Capital to back Algorand projects with $100M growth fund

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. This includes applications spanning the DeFi, traditional finance, public sector and NFT marketplaces.

Our top trading bots

AAGF will invest in an array of Algorand-focused projects, including native cryptocurrencies that drive new financial applications on the network.

Arrington Capital was founded by TechCrunch and Crunchbase founder Michael Arrington. The company oversees more than $1 billion in assets under management and its portfolio includes key investments in Unbound Finance, BlockFi, Polkadot, Kava and many others.

Michael Arrington said his firm is “inspired by the traction that Algorand has in the market right now,” 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.”

Related: Pantera Capital and Arrington XRP Capital lead $5.8M Unbound Finance raise.

Algorand was viewed as a serious smart-contract competitor to Ethereum during the run up to the 2017 bull market. The proof-of-stake blockchain has received more than $500 million in strategic investments, according to Arrington Capital. 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.

Keep reading relating to Cointelegraph
Hawkish Fed comments push Bitcoin price and stocks lower again
Bitcoin (BTC) and the wider financial markets faced a new wave of selling on June 18 following comments from James Bullard, the president of the United...
Price analysis 6/9: BTC, ETH, BNB, ADA, DOGE, XRP, DOT, UNI, SOL, BCH
Bloomberg Intelligence senior commodity strategist Mike McGlone believes that Bitcoin (BTC) is more likely to rally to $40,000 than slump to $20,000. This...
Feast or famine on Dogecoin as Coinbase pump triggers whales’ return
Some of Dogecoin’s (DOGE) observable metrics depict a blockchain in violent flux amid the fallout from the meme coin’s Coinbase Pro listing. The dollar...
Bitcoin bears dominate Friday’s $2.1B BTC options expiry with a $585M lead
A total of 53,400 Bitcoin (BTC) options are set to expiry on Friday, May 28. At first sight, bulls appear to lead as the $2.1 billion open interest call...
Nuvei eyeing $250M acquisition of crypto startup Simplex
Canadian payments giant Nuvei is reportedly in talks to acquire Simplex, an Israeli cryptocurrency startup, for up to $250 million — sending a strong signal...
New ASEAN blockchain consortium targets cross-border cooperation
Blockchain associations from Australia and five Southeast Asian nations are joining forces to promote blockchain development and education.Blockchain organizations...
German software developer donated $1.2M in 'undeserved' Bitcoin to political party
A German national who reportedly sees his Bitcoin profits as "undeserved wealth" has donated more than $1 million to the country’s green political party.According...
China social media star Bart Baker to drop 8 NFTs with DeFine Art
Bart Baker, arguably the most famous American social media influencer in China, is releasing a series of nonfungible tokens, or NFTs, in collaboration with...
Millennial Women Beat Men In Crypto Domain, Research Says
It seems that millennial women tend to be more curious about cyber assets than anybody else. A new study, conducted by London Block Exchange, has shown...
Regulator Of Cryptocurrencies In South Korea Was Found Dead In His House
The market of cryptocurrency in Korea is again uneasy. Jung Ki-joon, head of economic policy coordination at the Office for Government Policy Coordinationsenior...
Economist, Who Predicted 2008 Crisis, Says Bitcoin Will Drop to Zero
Famous American economist, who recently labeled bitcoin as the most massive bubble in history, has now said that the price of this crypto-coin is not...
Genuine “Wolf Of Wall Street” Says Bitcoin Could Soar by $50,000 Ere Crashing to Zero
Jordan Belfort, a motivational orator and ex-stockbroker, whose story was put in Martine Scorsese’s movie “The Wolf of Wall Street,” has called bitcoin...
Expert, Who Predicted BTC Records, Says It Could Reach $100,000 in 2018
Finally, on Thursday, January 18, bitcoin, as well as its ilks, started recovering step-by-step after a terrific correction, which occurred on January...
Venezuela to Launch $6 billion Backed Petros Amid Backlash From The Congress
After Venezuela’s president Nicolas Maduro declared the soon-to-come emission of 100 million bitcoin-like coins petros, the national virtual money backed...
South Korea Called IMF, EU and 23 Nations For Help in Handling Crypto Trading
South Korea keeps an eye on cryptocurrencies and does not lower the guard when it comes to bitcoin regulation. The country’s nation embraces cryptos. For...