Borderless Capital has announced its new $500m ALGO Fund II to support decentralized applications built on the Algorand blockchain.
Summary
Borderless Capital launches ALGO Fund II
According to reports from Algorand, the blockchain founded by award-winning Silvio Micali, Miami-based venture capital firm Borderless Capital has launched its second investment fund.
Following the 2019 launch of the $200 million ALGO Fund I, now Borderless Capital, a leading investor focused on Algorand, has doubled its commitment to the ecosystem by launching the $500 million ALGO Fund II.
The new fund will invest in digital assets that power the next generation of decentralized applications or dApps built on top of Algorand.
These are opportunities created to disrupt the economics of creators with NFTs and accelerate the growth of capital participating in the ALGO DeFi ecosystem through liquidity mining, lending, and yield farming.
In this regard, David Garcia, Founding Managing Partner of Borderless Capital commented:
“We started Borderless Capital back in November 2018, even before the Algorand MainNet was live. It amazes us to see how the ecosystem has expanded since then, but we believe this is just the beginning and there is a lot of room to keep growing”.
Borderless Capital and Algorand’s expanding ecosystem
Borderless Capital appears to have invested in more than 100 companies over the past two and a half years as part of Algorand’s ever-expanding ecosystem.
Among the dApps backed with its funds are Tinyman, Yieldly.Finance, Folks Finance, Reach, AlgoMint, Runtime Verification, HummingBot, HexTrust, Opulous, Xfinite, Six Clovers, Securitize, BlockDaemon, IntoTheBlock, Flare Network, Osprey Funds, Floating Point Group and Artory, which are taking off and shaping up in the market.
In this regard, Arul Murugan, Founding Managing Partner of Borderless Capital also expressed his thoughts:
“Algorand is the most efficient next generation blockchain software in the market right now, and it is the next frontier for investment opportunities and disruption. Our Borderless ALGO Fund II will continue to be at the forefront of the ecosystem and further ignite the growth by enabling the new innovation that is coming to blockchain”.
Decipher event in Miami and the price of ALGO
On 29 and 30 November in Miami, Algorand’s Decipher event took place, bringing together founders and CEOs pioneering new DeFi and blockchain solutions, crypto investors, the algonauts (the team that built the core Algorand protocol), developers building in REACH, Solidity, PyTeal, and more.
The focus of the talks was mainly on what has been defined as “FutureFi”. (Future Finance). Here is the tweet from Folks Finance, a DeFi lending protocol from the Algorand ecosystem participating in the event:
An inspiring discussion with the pioneers of #FutureFi!
On stage @FolksFinance and the other top #DeFi builders on @Algorand ecosystem. @algofiorg, @VenueMarkets, @tinymanorg and @YieldlyFinance.
A huge thank you goes to @KeliCallaghan for this unique and valuable event! pic.twitter.com/ecLNUNsAoM
— Folks Finance (@FolksFinance) December 1, 2021
“An inspiring discussion with the pioneers of #FutureFi! On stage FolksFinance and other top DeFi builders from the Algorand ecosystem like algofiorg, VenueMarkets, tinymanorg and YieldlyFinance. A huge thank you goes to KeliCallaghan for this unique and valuable event!”
The price of Algorand
Meanwhile, ALGO, ranked 21st by market capitalization, has, at the time of writing, recorded a 9% price pump over the past 24 hours, trading at $1.96.
It is still somewhat off, though not too far, from its ATH – All Time High of $2.37 recorded in mid-September 2021.
Recently, Algorand also announced a partnership with STASIS to develop the EURS stablecoin on the Algorand network, thereby increasing transaction speeds by more than 100 times with lower commission costs.
